Hi goranb, this is an interesting issue and one I've discussed at length with colleagues also.
My view is that you are still required to carry out the standard comms failure arrival (go to holding fix at cruise level, descend at ETA/EAT, land(hopefully) within 30 mins).
While I accept your worry about 'problems' for the CATIII airport I'm even more worried for the possibility of not getting in from the approach. For two reasons.
First, the full Comms Fail procedure is likely to burn a lot more fuel than your usual straight in...leaving you short when your options are narrowing.
Second, not all airports give Loss of Comms procedures for Diversion after Go Around! In fact most don't. On asking ATC at my home base about this they said it was once published but has been withdrawn as being too unlikely a scenario to cater for.
My understanding is that you Go Around and divert (direct if possible, due your likely fuel state) to your alternate, then either carry out the same letdown procedure again (FUEL!) or else go hell for leather straight in!
Sqawking 7600 would be of great importance here!
It seems to me that the comms procedures (General Rules) are written in often vague and lose terms that in no way give hard and fast instructions for every scenario. Normally that would be slightly inconvenient, but in the current security environment I'm really concerned you could get shot down if you stray too far from what 'they' think you should be doing.
I know one thing...if I lost Comms I'd have my Interception Procedures page displayed right next to the Comms Fail one!