Another vote for IO540's suggestion. I always use MS flight sim to practise my holds/approaches prior to the SEP IR renewal as I can plug the actual winds in and get a better idea of the drift/timings prior to going into the air and doing it.
I've got plenty of actual IMC hours under my belt but the chair flying/flight sim tip is invaluable to avoid turning the wrong way, forgetting to level off or 100 other mistakes you can make when the pressure is on in real conditions.
As for flying around SEP in a very low cloudbase or vis, my personal limits wouldn't be comfortable factoring in the "what if's".