i'm not an expert, but i doubt you'll get all that much benefit from doing a 2-minute hill at a controlled pace. like the other guys said, you might want to shift up and just hammer it out, but that'll still train pure power more than any kind of endurance.

ideally, you'd have a longer hill and/or (much) less rest, but you need to work with what you have. you said it's the biggest hill "in town," though - how far would you have to go to find bigger? could you hop in the car and drive every once in a while to find something more substantial?