I've dumped 60 tons out of a b777 as we were
diverting to an enroute alternate as one of
the pax requires more medical attention than we could provide.
we did it with radar vectors similar to a very very large downwind/base/final,while descending.The fume smell is stronger than
what you get while filling up your car at the gas station.
Don't quite see the logic in Longhauler idea of fuel dump and climb as the reason for most fuel dump is to land earliest possible which you've to descent in the first place.
Never do it in a holding pattern,you'd
probably amuse alot of people on the ground.