I just can tell how the teams I worked with did best: when a developer finished a part of code he or she considered important, they brought it with them to the next review to show to and discuss it with the other team members.
Rotating pair programming-pairs also helps a lot in communicating the current state of a repository.
In my eyes, having a "target peer code review rate" will cause the opposite effect - clutching to a number won't buy the team in but will just add bureaucracy.