I have a 3 year old plant, and have attempted growing it right at the 6a-b borderline. Results:
First winter: low temp +5F (-15C), approx. 25% die back
2nd winter: low temp 9F (-13C), little or no die back
3rd winter: low temp -6F (-21C), dead to the ground. Is currently recovering, growing on own roots.

Before this most recent winter, it was attempting to eat the house, and would have made a magnificent display this spring. I have never seen hips on mine, but it obviously can, witness ‘The Monster’. Robert Rippetoe may have more to add.

"The Monster" was created in a greenhouse in upstate NY by Avery Tunningley.

In other words I wouldn't bet on it making hips in a normal Winter where you are, and most blossoms are too double to make hips without human intervention regardless.

The best banksia for use as seed parent in my opinion is lutescens. It commonly sets hips here. I've concentrated on banksia derivatives derived from existing hybrids in order to save time, but it can be done.