Disclaimer: currently this mod doesn't work with HDR, I'm trying to find a solution.

Installation:

Simply drop all the files in:

Days Gone\BendGame\Binaries\Win64

Once in game, press caps lock to toggle the HUD on or off.
Caps lock is already used by the game so I would recommend re-binding this key in the menu or just change toggle key (how to change key is explained below)

Press the guide button to toggle the HUD if you're using an Xbox controller.

In order to make the weapon wheel usable with the HUD off, I have bound Q and the left shoulder button to show the HUD when holding.
These bindings can also be changed.

Be aware that the menu, button prompts and subtitles will also disappear when the HUD is toggled off.

Changing keybinds:

If you want to change the key/button bindings, open d3dx.ini and search for ;Keybinds
Below you will find this section:

; HUD toggle for keyboard

[Key1]      
Key = caps       <--- Change this for keyboard HUD toggle binding
x = 0
type = toggle

; HUD toggle for Xbox controller:

[Key2]      
Key = XB_GUIDE   <---  Change this for xbox controller HUD toggle binding
x = 0
type = toggle

; Hold to show weapon wheel for Xbox controller:

[Key3]      
Key = XB_LEFT_SHOULDER    <---  Change this for Xbox controller weapon wheel binding
x = 1
type = hold
Delay = 100

; Hold to show weapon wheel for keyboard:

[Key4]      
Key = Q    <---  Change this for keyboard weapon wheel binding
x = 1
type = hold
Delay = 100

A list of all available Xbox binds can be found here

Reshade compatibility:

Make sure your Reshade file is called dxgi.dll and not d3d11.dll. This should happen automatically if you install this mod before Reshade.
I can't guarantee this will work for every system and configuration out there, certain laptops may be incompatible with dxgi.dll files.