Contemporary theories of binary polymer blend interfaces incorporate such features of real polymer blends as compressibility, local correlations, monomer structure, etc. However, these theories require complicated numerical schemes, and their solutions often cannot be interpreted in a physically clear fashion. We develop a variational formalism for computing interfacial properties of binary polymer blends based on a hyperbolic tangent representation for the interfaces. While such an analysis is straightforward in the incompressible limit, the extension to compressible binary blends requires two distinct width parameters and nontrivial analysis. When the profile width parameters are chosen to minimize the excess free energy of a phase separated binary blend, then the interfacial properties computed from our simplified interfacial theory closely match those computed with the much more sophisticated (and computationally intensive) treatments. Significant attention is devoted to describing the interfacial properties of blends in the regime intermediate between the strong and the weak segregation Limits as well as to extrapolating between these limits. The extension of the square gradient theory to the Tang-Freed quartic approximation provides a more precise definition of the weak segregation limit, but the treatment is found to overestimate both the interfacial tension and width in the strong segregation limit. The width parameters for the different components of a strongly asymmetric compressible blend vary to a lesser extent than an asymptotic analysis in the bulk suggests. This finding indicates that the central portion of the profile contributes the most in the minimization of the excess free energy with respect to the variational width parameters.