5 minutes at 1:2 sounds like a very intelligent guess to me. FWIW, I would not sweat this too much. If you are printing on multigrade paper, the latitude you have is pretty impressive in terms of the printable density ranges it can accomodate. There is nothing magic about nailing a grade 2 right on the head. Personally, I would err on the side of being a tad overdeveloped so you can have adequate internal and shadow contrast. One of the big problems with abbreviated, high SBR development is that often the shadow contrast is not as snappy as you would like.