Square wave generator and frequency meter

Projects Programming
42 
unsigned long waveHz = 100000;
unsigned int exacttime, numofovf;
volatile unsigned int timeovf;
unsigned long waveTime;

void setup() {

  pinMode(2, OUTPUT);
  waveTime = (1.0/(waveHz*2.0))*16000000;
  numofovf = waveTime/65536;
  exacttime = waveTime-(numofovf*65536UL);
  if(exacttime>38){
    exacttime = exacttime-38;
  } else {
    exacttime = 65535-38+exacttime;
    numofovf = numofovf - 1;
  }
  cli();          
  TCCR1A = 0;
  TCCR1B = 0;
  TCNT1  = 0;
  OCR1A = exacttime;           
  TCCR1B |= (1 << CS10);       
  TIMSK1 |= (1 << OCIE1A);
  TIMSK1 |= (1 << TOIE1); 
  sei();  
}

void loop() {
}

ISR(TIMER1_COMPA_vect){
  if(timeovf == numofovf){
    TCNT1 = 0;
    timeovf = 0;
    PORTD ^= bit(2);
  }
  
}

ISR(TIMER1_OVF_vect){
  timeovf++;
}

Wouldn't be easier to just use PWM mode with 50% duty cycle to generate the square wave?