Doh! Thanks for catching the typo, Terence. Of course, it is 3/4 timing on the waltz. I can see by your series of question marks that I really had you baffled on that one!
The heel-toe, heel-toe, toe-toe is how I was taught the American Standard Fox Trot years ago and how my current instructor teaches it now. That really hasn't changed around here.
In the first class, they teach it forward, forward, side, together. Or slow, slow, quick, quick, or heel-toe, heel-toe, toe-toe... whichever clicks in with the student, I guess.
I like the heel-toe, heel-toe, toe-toe concept because it keeps the dancers more on the balls of their feet, as compared to kind of plodding or chopping through the steps. Again, I'm talking about beginners here, as it appeared the original poster might have been asking the question about the rise and fall for their own knowledge, but also to maybe be able to explain it to someone new?