The rhythmic figures stay the same no matter what is the time signature, they are like eternal figures. What happens when you alter the time signature from the "normal" 4/4 is that you can have a new array of combinations for those same rythmic figures. If you have a chance, get a copy of "Modern Reading Text" by Louis Bellson. The book is oriented towards drummers, yet since the figures are the same, it also applies to guitar. This is one of the best books I have seen thus far because it basically combines almost all of the rythmic possibilities step by step.
On a personal note I hate the metronome, but I guess it's quite important...