bookworm ...
Imagine a case where the procedure started at the FV at 2800 ft, but the minimum holding altitude was 4000 ft
That is, effectively, what this procedure is saying. After completing the sector entry, you can fly a 2 (or 3 as the case may be) minute racetrack at 2800 feet, all day and all night, if you've got the fuel and inclination. The problem lies in how you get to 2800 feet from 4000 feet and this is where the profile view gets messy.
I really can't see how else to show it. Aircraft must be level in the hold at 4000 until established on the outbound leg - and passing FV. This is because an extreme sector 3 entry (ie from 298 inbound to FV) is a very big turn that needs the terrain protection that the racetrack doesn't provide. The sector entry is well and truly complete when you roll wings level on the outbound leg and note that FV has passed abeam.
The only "cleaner" way would be to establish a holding pattern on the Localiser, somewhere further to the south. Depending on whatever other terrain is around, it might be possible to have the holding pattern at 2500-2800 feet, around about 8-10 DME to the south.
About the only problem with this is that it might be a tad messy to get from any given inbound track to that holding pattern, to start the approach. And, if this place uses Procedural ATC, such a procedure would be difficult to manage at peak traffic times.
So, on balance, I'd have to say that the procedure and its' depiction are about as simple as they can be. I'd have thought that a professional aircrew might, on seeing such an apparently convoluted procedure, take some extra time to review it well in advance of their arrival.
This is not the sort of procedure to try to figure out "on the fly",
after leaving Top of Descent.