In accordance with ICAO procedure, there is absolutely nothing wrong with doing exactly that. Other than the usual 3 entry procedures used, it is okay to arrive over the beacon, turn outbound in the shortest, most convenient direction, fly for 60 seconds and return to the beacon on the holding side of the pattern. Thereafter, a normal hold is assumed.
Of course, if you are in the UK, this procedure might not satisfy God's self appointed custodians of aviation safety.