First of all, do not let the depicted holding pattern confuse you. It is only there because the missed approach procedure happens to have the hold at the same place, and for the purposes of the course reversal may be ignored.
In this case, you have options because the course reversal is simply a "barbed arrow".
AIM 5-4-9. Procedure Turn and Hold-in-lieu of Procedure Turn(a)(1) says:
On U.S. Government charts, a barbed arrow indicates the maneuvering
side of the outbound course on which the procedure turn is made.
Headings are provided for course reversal using the 45 degree type
procedure turn. However, the point at which the turn may be commenced
and the type and rate of turn is left to the discretion of the pilot
(limited by the charted remain within xx NM distance). Some of the
options are the 45 degree procedure turn, the racetrack pattern, the
teardrop procedure turn, or the 80 degree 260 degree course
reversal. Racetrack entries should be conducted on the maneuvering
side where the majority of protected airspace resides. If an entry
places the pilot on the non-maneuvering side of the PT, correction to
intercept the outbound course ensures remaining within protected
airspace. Some procedure turns are specified by procedural track.
These turns must be flown exactly as depicted.
In other words, do what you want as long as you either stay on the protected side or correct to intercept the outbound course if you find yourself on the non-maneuvering side and you stay within 10 miles of the NDB.
Personally, I would:
- Cross the NDB and then simultaneously:
- Turn left to a heading of about 129 degrees (depending on the wind)
- Descend to 2,300 feet
- Start the outbound timing as I cross the 69 degree bearing TO the NDB (90 degrees)
- Intercept the outbound course of the procedure turn and then fly the rest of the course reversal as depicted (the 45 degree procedure turn).
However, as I said in the beginning, you can do it however you like within the constraints that the AIM gives.
I did find a rather interesting article which states that ICAO rules are a little different, but I won't go into the specifics since this is an FAA chart. For those who are curious though, take a look at it here: Course Reversals.