It seems that the core of the question being asked is "can I do a racetrack procedure instead of the published reversal procedure?"
Whilst I am not an expert on PANS-Ops, I think this reference is helpful.
3.2.2 Reversal procedure (page 1-4-3-2)
3.2.2.1 The reversal procedure may be in the form of a procedure or base turn. Entry is restricted to a specific direction or sector. In these cases, a specific pattern - normally a base turn or procedure tum - is prescribed.
3.2.2.2 The directions and timing specified should be strictly followed in order to remain within the airspace provided. It should be noted that the airspace provided for these procedures does not permit a racetrack or holding manoeuvre to be conducted unless so specified.
In general, under PANS-Ops it is not safe to do a procedure other than the one specifically promulgated. There are exceptions, such as doing an 80°/260° instead of a 45° procedure turn, but these are very much exceptions to the rule.