Thank you for answering my question about how it might work on a checkride.
However, I'm not sure you guys understand the procedure I'm talking about. I'll give you an example. Feel free to draw it out if you don't believe me. Lets say you are instructed to hold North on the 360 radial of the XYZ VOR with right turns. You determine that your inbound course in the hold will be 180, your outbound heading will be 360, and from your current position it will be a parellel entry. Now what I would do is cross the VOR, track outbound on the 360 radial for 1 min and note the wind correction angle, then turn left to roughtly 150, twist up a direct course to the VOR. Kind of a "reverse teardrop" if you will. Then after crossing the VOR second time, turn to 360 + or - the wind correction I used when I tracked outbound. Tada, you're in the hold. No homing, no funky racetracks, and best of all, no S-Turns though the inbound course. It works beautifully. Try it VFR sometime and tell me it dosn't work better than a regular parellel entry. I understand the concern about not being an exact 180 degree turn, and therefore not being one minute long, but how would that be any different than a direct entry, or a teardrop for that matter? And as long as you start your outbound time abeam the VOR and the outbound leg is one minute, who cares how long the first couple turns take? The first turn of a parellel entry certainly is not going to be exactly one minute.
Now, I do have a theory why this method is not recommended by the FAA. This procedure will not work on an intersection hold, unless you are using RNAV or GPS, as otherwise you would have to be on the inbound course to identify the holding fix. I don't think the FAA wants to teach a different procedure for parellel entires that only work on a VOR or NDB hold. The traditional parellel entry will work on any hold so its probably just a matter of simplicity.