When doing a hold in leu of a procedure turn are you required to do a full hold for the course reversal or just the entry to the Fix and then proceeding in bound for the final approach course?
No, you're not required to do a full oval-pattern hold. Once you're tracking the inbound course immediately after the entry maneuver (teardrop/parallel/direct) and pass the holding fix, you're done and can proceed inbound on the approach. I do want to clarify that even if it is a perfectly direct entry, one turn around the hold is still expected.
Either the teardrop, or parallel entry turn-around is adequate and then once you cross the fix upon which the hold is based, you may continue straight inbound on the remainder of the procedure.
Of course, any ATC instructions to remain in a holding pattern override this default.
When performing a HILPT, typically the aircraft will pass the hold point outbound and perform the correct entry. When you are inbound, you will continue with the approach once crossing the hold point again.
The aircraft will only pass the hold point twice unless a request is made to ATC for further hold to get ready to fly the approach.
In the Unites States, the FAA has this to say about what they call an "hold-in-lieu-of-PT" (HILPT) in AIM 5-4-9(a)(5):
The holding pattern maneuver is completed when the aircraft is established on the inbound course after executing the appropriate entry. If cleared for the approach prior to returning to the holding fix, and the aircraft is at the prescribed altitude, additional circuits of the holding pattern are not necessary nor expected by ATC.
So no, a full hold is not required; just the entry and then getting established back inbound to the holding fix.