Perhaps we should remember that it is the "State's" AIP which defines the procedure and what we see on the chart is Jeppesen's (Aerad, etc) interpretation of this.
I would be interested in knowing what the Portugese AIP says about the Missed Approach Procedure at Faro.
In practice if a procedure appears ambiguous then it behoves us as pilots to ask for clarification from ATC - the stakes are too high not to do so!
I would say that whether it's 1400 ft or 3,000 ft as the initial "blocked" altitude is open to debate but I would be interested to know what the mimimum level in the VFA 10d holding pattern is - if it's 4,000 ft I would suggest you can climb immediately to 3,000 ft.