Changing it to only keep track of last ~5 mins would require a complete rewrite of the mod. I'm not excluding that I will refactor it at some point and try to fit the "only last X minutes", but I'm currently working on other mods so that will have to wait a little.
I've looked at Utilization Monitor by Blargh, it pretty much does something similar to what I do. Yes, it does some bulk update that may have your UPS drop from time to time, but overall it's pretty well written and the margin of optimization is quite minimal. I would probably have it written the same for 90% of the code, so I would definitely recommend that mod if what it does is closer to what are your needs.