Hi David, thanks for your comment. I have no evidence for the CO2 theory and was merely 'thinking out aloud' about a potential role, but it seems unlikely given what acoggan said.
As for the O2 part, I was under the impression that despite the muscle's need for high amounts of O2 in aerobic metabolism, it still moves down a concentration gradient to reach muscle - the so-called Oxygen Cascade. The parital pressure of O2 at sea level is 760mmHg x 0.21 = 159mmHg, and this cascades down a gradient to the mictochondria where the partial pressure is 2mmHg, the "Pasteur Point" , where partial pressures below this level means that aerobic metabolism ceases. (Apologies for my non-SI units, but it's what I'm familiar with).
I have always thought in fairly simple terms about the oxygen flux equation and what can be reasonably varied to improve O2 content and thus delivery (ie haemoglobin and cardiac output). A couple of excellent posts between the physiologists on this forum have opened my eyes to many of the other variables that govern O2 uptake and delivery and have even speculated at what may be coming in terms of performance enhancement.
Makes for good reading. Although I must admit the troll threads/posts are great for a laugh.