The "derivation" of the counterterm rules just involves writing the bare constants as:
[tex]Z = 1 + \delta_Z[/tex]
[tex]Zm_0^2 = m^2 + \delta_m[/tex]
[tex]Z^2 \lambda_0 = \lambda + \delta_\lambda[/tex]
This is just a rewriting of the action, but you have isolated the physical constants before
calculations. If you just place the above relations into the action, the action now has a different free/interacting split. See chapter 10 of Peskin and Schroeder for more details.