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If I do 300w up a hill on gears then coast down, NP will be the same as if I ride up a hill at 300w on fixed and then ride back down without putting any power out, but my legs will still be moving so the aerobic load on my body will be greater.
This is why everyone should stick massive gears on, so you can always put some power out.
Toaster would be better off set to run off 250w and take longer to toast. That way most reasonably trained people should have a chance of making themselves breakfast.
The relationship between 'work' and 'recovery' may be subtly different riding fixed vs a freewheel, but isn't this what NP is supposed to measure?
Toast is interesting and depressing. You'd probably be better off leaving your slice of bread out near the radiator, than asking me to toast it. Next up Hoy Vs Cup of tea...