Progression from normocapnic/hypocapnic early on due to anxiety-related hyperventillation to hypercapnic when obstruction worsens and the patient still has hurried expiration exacerbating the air trapping
Exactly. To get more in details, hypercapnia causes a progressive alteration of mental status from lethargy to obtundation to coma. This is why when patients start to tire, they get sleepy, which leads into a vicious cycle. As khaos mentioned, you don't always need the ABG, particularly in adult patients who you can accurately gauge a mental status on. But on a kid, it's sometimes hard to appreciate the degree of hypercapnia.
It seems like based on the time course (past 24 hours?) the asthma would already be in the inflammation stage, so I guess to limit further eicosanoid production as much as possible?
Generally, if someone goes to the ER for asthma, it means that albuterol alone is not cutting it. Otherwise, they'd just stay at home treating themselves. So you're right that there's a lot of airway inflammation acting up at that point. Doesn't matter if the nebs make em feel better because they're just a temporizing measure until steroids begin to exert their effectiveness as Khaos mentioned.
In asthma in particular, I assume you'd have to keep an undesirably high PEEP to avoid bronchiolar collapse (risk pleural effusion and tamponade?), but with that in mind, I'm not sure why you couldn't use some kind of combo of calcium channel blockers and and antimuscarinics to prevent that from being too much of an issue?
Usually you can avoid intubation being an issue, but even with correct treatment, things don't always go as planned. Some people respond well to treatment, but others are either too far gone or don't respond as well as everyone else.
I'll let a couple other people weigh in on the problems intubating these patients in particular, though khaos hit most of the salient points.
As for IV fluids, also gonna see if anyone else wants to wager a guess. As Khaos mentioned, not something for use really in adults, especially because you get into a COPD vs. CHF situation fairly often (and anyone who's worked the wards knows that these two disease entities are very tricky to distinguish between)