The key is the IAF. Doc 8168 specifies only the +/-30 if no IAF exists.
It states only that reversals are required if there is no IAF. As far as I am concerned entry to a reversal with an IAF is limited as per the +/- 30º requirement.
But I have to confess to being slightly embarrassed at not being able to point to a specific regulatory reference that confirms that.
Course reversals are defined in detail in the ICAO Flight Procedures doc. If it doesn't fall under that definition, as you have already identified, then it is just and Initial Approach Segment as also defined in the docs.
Stay at 5000 feet, at the holding inbound TGO, fly over TGO and turn left heading 209 to incept and follow radial 074 outbound (the 254 "downwind" Initial Approach segment). When established at the radial descend to 4000 and continue the procedure. You are above the MSA in the turn and don't need to be concerned about protected airspace.
The outbound course is radial 254?? Anyway, I think a left turn is incorrect. As previously mentioned, you must keep your turns on the side of the hold, so the only option as I see it, is a right turn until you're on an intercept course for the initial approach segment. Not only is it a requirement to stay within the protected area of the hold, but given speeds of 4 nm/min, proximity to the high activity area and the spot heights I couldn't justify a left turn over TGO.
Incidentally, this is how the 737 FMC would do it as well.
The 737 FMC will just calculate the shortest path to the next waypoint and has nothing to do with any requirements.