I think you need to think of the approach and IF recency seperatly,
As PIC you can conduct an approach in VMC at any time, there is no requirement for it to be under simulated IF conditions (under the hood), however you must comply with normal rules and procedure regarding low flying and circuit operations especially if there's traffic. In IMC you must be current on the approach.
If you wish to practice instrument flying in VMC for recency then it requires you referrence fully to aircraft instruments. This then requires a safety pilot to maintain an adequate lookout,
153 Flight under simulated instrument flying conditions
(1) The pilot must not fly an aircraft under simulated instrument flying
conditions if each of the following requirements is not satisfied:
(a) fully functioning dual controls are installed in the aircraft;
(b) a competent pilot occupies a control seat to act as safety pilot for
the person who is flying under simulated instrument conditions
and:
(i) the safety pilot has adequate vision forward and to each
side of the aircraft; or
(ii) if the safety pilot’s field of vision is limited, a competent
observer in communication with the safety pilot occupies a
position in the aircraft from which his or her field of vision
supplements that of the safety pilot.
Penalty: 25 penalty units.
(2) An offence against subregulation (1) is an offence of strict liability.