So.. I'd like to suggest that the article on IWR be taken with a grain of salt and read with a critical eye. I was kind of shocked by the suggestions in it because the idea of breathing a PO2 of 2.8 while in the water is highly unconventional.
Most IWR schedules have no oxygen delivery below 30'. There's a reason for this: there's a correlation between a higher risk of CNS OxTox while being submerged, and the risks of OxTox are very real with PO2's that high.
Close to 20 years ago I took a Type 2 hit and won the prize of spending a night in the chamber. Although I was in a dry metal tube, I toxed during two of the on-oxygen portions (at 60'). I believe that if I had been in the water when I toxed, instead of being in a nice dry chamber, it would have been difficult for me to survive.
Wikipedia has a couple of different protocols for IWR. None of them advocate breathing O2 below 30'. I would urge anyone that is thinking about adding IWR to their arsenal of emergency protocols to do a thorough reading of other IWR protocols before just settling on any particular one as an article of faith.