DFC:
Remember that the altitudes charted are minimum altitudes. There is no rush to get down to 4000ft just to fly level for an age. While I don't know what the local plan is, Non-Radar, procedural I would not be holding an aircraft at TGO, 5000ft with another aircraft on approach because if there is a missed approach you have a conflict. There is plenty of room to hold 1000ft above the missed approach altitude and once established on the initial approach, just look at all the miles available to loose 2000ft.
In this hypothetical discussion we don't know what the local plan is, either. But, it is a fact that the TGO 228 radial holding pattern is shown on an ILS 07 arrival chart, as well as on the approach chart. So, it is presumably there to absorb arrival delays on occasion as well as provide a terminus for the missed approach. If arrivals are held there on occasion, perhaps they are held at 6,000, or higher. Or, perhaps if arrivals are held there then alternative missed approach instructions are issued to an aircraft on the approach. We don't know any of that.
If radar vectors are used, then perhaps the missed approach holding becomes moot; or perhaps the arrival holding becomes moot.
The point of the hypothetical is: what is the best manner in which to depart the hold for the ILS 07 approach whether an arrival or a missed approach airplane. Turning left at TGO is not the prudent option. Returning to TGO if outbound in the hold may not be the best option, either.
However, turning left in a fly-by maneuver southwest of TGO is the proper method on arrival from the south without the hold being assigned. The illustration above shows how a modern FMS would calculate and excute the course change from the TGO 163 radial to the 254 radial absent the holding pattern.
As to descent, modern FMSes don't descend any sooner than necessary. "TOD" (top of descent) along the 254 radial in the illustration on Post 46 is where an aircraft arriving at 5,000 from the south would leave 5,000 for 4,000--well after being established on the 254 radial.