I would have thought that with the complicated feedback loops of the menstrual cycle, that the disintegration of the corpus luteum and reduction of progesterone would help restart the oestrogen and FSH for the next cycle. Ovulation does not always happen during perimenopause, because the oestrogen levels produced by the ovaries are falling, so replacing progesterone towards the end of the cycle may help here, and probably some oestrogen as well.
Sometimes several follicles try to ripen at the same time, and you can get too much oestrogen all at once. I have no idea if hrt would help with this or not.

Having some oestrogen with your progesterone probably stops your levels reaching rock bottom, and setting off overcompensating surges.
I keep reading that menopause is when periods end, but that seems very very simplistic. There seems to be so much up and down to put up with, both before and after periods end that periods seem to be only a small part of it. (although they certainly make their presence felt in many dysfunctional ways).
I think the best way would to be to go back on to combined oral contraceptives, knock out the whole system and have nice level hormones. This served me well for years moodwise, but knocked out libido and all the progestogen made my bowels very sluggish.
Anyway, I have found an animated diagram which shows you some of the feedback mechanisms. Hope you find it fun
http://highered.mheducation.com/sites/0072495855/student_view0/chapter28/animation__positive_and_negative_feedback__quiz_1_.html