This article explains the various "techniques" for flying a procedure turn, one of which sure looks like a holding pattern.
https://tinyurl.com/zrnrawyr
As I understood it the question or assertion was not can you do a ratetrack pattern for a procedure turn but whether or not you can use the depicted missed approach hold as a "template" for your procedure turn. In my mind this raises two questions.
The first question is it legal? If you are doing a direct or teardrop entry you wouldn't be established outbound prior to starting the procedure turn. This makes the legality of such a maneuver questionable, and by questionable I mean the, "Captain, what were you thinking?" question and I don't think I'd have a good answer.
That leaves the parallel entry option which raises the second question of why would you want to do it that way? The way most people are going to do procedure turns where a PT track isn't depicted is to do either a 45/180 or a 80/260 turn. In both cases if you're smart you're making the first turn outbound because it gives you more time to get established. That's exactly the opposite of a parallel entry where you're making a 225 degree turn inbound with a 45 degree intercept with a lot less distance to get established. Assuming you're able to perform that remarkable feat of aviation while losing altitude as suggested and hopefully getting configured at the same time, you now immediately are faced with a tricky circle to land. Mess any of that up and you're back to the "Captain, what were you thinking?" question, or worse.
The suggestion was that would be a good way to lose altitude, but I can't say I agree with that either. For one thing as previously stated, the MEA is 3000 so there's no reason why you couldn't be at that altitude before the IAF. But let's say you weren't do to poor planning on your part or a controller who wanted to give you a slam dunk. Is the best option for that really to perform a parallel entry HILO PT at the FAF? If I need to lose altitude I'm going to use as much of my 10nm space as I can where I can lose altitude both outbound and inbound. This effectively gives me over 20nm of space as opposed to a 1 minute hold which gives me less than 5nm.
It may just be because I'm naturally stupid, but I can't find a good way to make that work, and I've done a helluva lot of full procedure approaches over the years.