Is there any risk when connecting an Android Phone to a [Verizon] iPhone's Hotspot? If there are I'd like to know about solutions.
The Android Phone will basically be tapping the data plan of the iPhone through its turned on Hotspot.
If you control both devices, then the only extra risk I would be concerned about is someone sniffing the wireless traffic between the two, so use decent encryption, and possibly restrict access by MAC address etc and you should be fine.
Assuming the Verizon hotspot is actually what it says it is, then no, you shouldn't have an issue. However, if it's a WiFi Pineapple thing, meaning a rogue access point which any idiot could throw up, then yes, be afraid, very afraid.
There's a lot of things people can do with a rogue access point. Here are a couuple:
But if you control both devices, and the hotspot is legit, then you should be fine, generally speaking.