There was a mention of this exact technique in a recent text on transport medicine, I can't recall the title, its at home, remember reading it while preparing for the FP-C exam.
Air and Surface Patient Transport: Principles and Practice.
The arterial line and its waveform have been mentioned in some CC classes. If there are problems with BP management, we (RRT, RN) will insert an A-Line before flight. If we are having that much problem with pulses and BP, the pulse ox will be of little use. Also, if a person is on pressors, such as they commonly are on CCT and Flight, the peripherial vasoconstriction will also skew the ability of the pulse ox. For these patients we will use a earlobe probe which will be of no use for BPs either.
However, if anyone has ever been in an ICU to observe an A-line wave, pulse ox pleth and a manual BP, you will see the variation.