I think you're hung up on the semantics. How about this:
1. At the point that I'm cleared for the approach I am going to quit doing a hold. I am not going to do a missed approach hold, nor any other type of hold.
2. I'm going to do a procedure turn to get established inbound on the final approach course at an appropriate altitude.
3. The AIM says that I can do a racetrack pattern as a procedure turn.
Do you disagree with any of those points?
Let me put it another way using a slightly different example. Assume that I'm west of the VOR and have been cleared "...direct to London, cleared for the approach, maintain 4000' until established." The AIM says that I can do a racetrack pattern as my procedure turn, I just have to do it on the protected side of the final course. From my position to the west I will fly direct to LOZ (approx. 270 heading), turn right to heading 205, time for two minutes starting abeam the VOR, turn right approximately 180 degrees to intercept the final approach course inbound. Descend. Simple, legal, safe. All per the AIM and regs.