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Is there posibillity to choose dread knight bloodline and exchange barded nightmare for hellsteed? I think no.
I haven't been able to find any backing in the rules, but I would play it like with the bloodline powers and magic armour: the mundane armour is replaced by the magical one.
When GW makes us buy a package like Dread Knight or Avatar of Death, it is only fair that you can 'upgrade' that package with additional gear. And the fact that it works like that with magical armour supports this view, IMO.
That's problem, there is mentioned magic armor exchange(armybook approval), you also can exchange normal weapon for magic weapon as usual (general rules approval), but about steed there is nothing written in rules. You choose bloodline a and vampire rides barded nightmare. In back of rules is written, that you can only ride one steed. I think that's rules error.
Well if you're going to buy a magic weapon to replace the lance then what you could do is just take the other bloodline power of "H. Armour, hand weapon and shield".
As it stands I can't see any problem with just buying the mount as long as you make it clear it's a hell steed and not a nightmare. You're still paying the points for both so your opponent shouldn't mind that your paying an extortianate price for H.armour, lance and shield.
2000AD's answer to all "How do VC deal with ..." questions: Forbidden Lore + 2 Power Stones.
Further answers will require more vodka.