All meat needs some hanging to breakdown the meat fibres and make it more edible, but I find extreme hanging over the top. You can hang it as you describe, but a great many people would find the flavour too strong, me included. On the other hand, the meat fibres do breakdown and it becomes less tough, though as pheasant is hardly as tough as an old boar I'm not convinced of the advantage.
I guess this is another of those rules.
I normally cook them well before they get "over ripe". I stuff them loosely with finely chopped echallotte and lardon and roast them breast down with a splash of white wine or stock to keep a bit of moisture in the oven. Not sure it's any less dry, but the breast meat comes out very tasty.