Just thought I'd follow up on this, as I've gotten more info. Some AHJ apparently allow the 1-hour data in California (although this seems crazy to me, since it would probably be way lower!). PG&E data in San Francisco is sometimes reported as 1-hour and sometimes as 15-minute data, depending on the customer, but ALL of the 15-minute data sets that I've looked at from PG&E just evenly split the 1-hour usage across equal 15-minute intervals, which means it's actually an hourly average demand and not useable per 220.87.
If someone had access to a large data set of 15-minute data, it occurred to me that it would be possible to calculate a conversion factor (probably best to do by use type - SFR, multifamily residential, small commercial, etc). The 15-minute data could be used to make hourly averages, and then you'd just have to compare the two to find out how much lower the hourly averages are by contrast to the 15-minute averages.
The conversion factor would be even more accurate if the data could be filtered into sub-groups (such as with elec. heating/cooling vs with gas heating). I'd love to see this conversion factor, if anyone out there has access to such data! I know it wouldn't be code-useable, but it'd be a great fast way of understanding if you're in the right range and to know if it's worth taking 15-minute readings for a month!