The most cost effective solution for your friend is to find a Flight Training Device (FTD). A local FBO charges 10/hr for the FTD, and when you want to log time in the device, you pay for an instructor at 40/hr.
The entire IPC can be accomplished with the FTD, EXCEPT: a.) multi-engine ops, b.) circle-to-land and c.) landings.
So practically, your friend would "fly" with an instructor (CFI-I, GI may not), logging that time, and accomplishing tasks relevant to the IPC. Then they would go to his plane and a landing would be performed, possibly with a circle-to-land.
This way your friend doesn't have to rent another plane, and he will reduce the time spent in his plane considerably. It is much less expensive to run a FTD (sim) at $10/hr than it is fly his plane.
To address your question of a restricted endorsement, unfortunately, an IPC is an IPC and there is no recognized way to accomplish a limited IPC. Except he could petition the FAA for a waiver. At one time, requirements for NDB navigation was dropped if the aircraft lacked a NDB. (You can't imagine how often our ADFs became INOP the day before an instrument check ride. I didn't agree with that, but lotsa people felt insecure flying NDB approaches.) So your friend could petition the FAA to, in his case, waive the precision approach requirement. But in my opinion, it is far easier to just run to a school having a FTD, and do part or as much as he wants of the IPC there, and then demonstrate the landing part(s) in his airplane.
Addendum #1: In 1980 the FAA legal team issued a letter clarifying that a Ground Instructor - Instrument could provide instruction in a simulator, meeting the training requirements for Part 61 ratings. In 2010, in a similar letter, they reversed their position. Loosely they stated that simulator (or FTD) training was flight instruction and required a flight instructor rating. Prior to 2010, it was possible for a Ground Instructor - Instrument to perform any approved training in a simulator, but not today. In general, the Ground Instructor rating has been depreciated. However, if one teaches ground courses, where there are lots of attendees, it is convenient to have because it reduces the administrative burden of tracking written test results. This is relevant, because a CFI-I is required for performing the portion of an IPC which might be done in a sim/FTD.