I don't know of a library like that for Arduino - that library looks like it relies in part on the richer interrupt configuration options available on the Teensy. For example, there's no prioritization of interrupts like the teensy has.
The Arduino can do the same thing (using one of the 16-bit timers in CTC mode to generate interrupts); I haven't seen a library that puts a wrapper around that. Personally, I'd do it by hand, and interact with the registers directly instead of trying to find a library that tries to put a one-size-fits-all wrapper on it. It's only a few lines to configure the timer for the right mode - and then just write a function to change the timing (if you need such functionality) and to enable and disable it - then write the same interrupt that you otherwise would.
There is a lot written (tutorials, guides, available code) for Timer1 on the '328p - the '2560 has the same timer, plus several more that have identical behavior.