This is kind of a cool question. Like sciences or something. I don't really have anything useful to add.
What is the "goal" of the intervals?
-To get back to low heart rate, as fast as possible between work sets? Like a fighter, trying to get maximum recuperation in a 1 minute break between rounds.
-To do more "work" like longer rounds, with the same recovery time?
-To do the same work rounds, and rest times, but to get more revolutions or reps in the work rounds?
100% Opinion Based:
Whatever you do, it seems like a cool idea to use the heart rate monitor to establish the rest times for your "beginning" point. If you're really out of practice, it may take awhile(longer than whatever the paper routine says) to get back to the rest-period heart rate. This would make the intervals into a long duration, high intensity workout.
I tried to follow a beginner, get into shape routine a few months ago and had to cut it in half to get started.