maxalt
Fuel shoal not be a problem since dispatching with additional 2000kg (unless weight restricted). It's for delays associated with the AWO.
I think the issue is more about legality - proving your case after landing with CAA, FAA... I must point out that UK (and German too) procedure is different from ICAO one. UK requires that you continue and finish your flight as IFR in a procedure you described. ICAO in, as you say, vague and lose terms, lets you use "if in VMC" part.
I would in 99% cases continue to fly IFR, descent in racetrack/hold and land within 30min. My problem is that 1%. Let's say I'm going to LHR for a 300m RVR Cat II and lose my radio in climb after departure. If I continue ATC would have to clear LAM holding from FL340 to 70 and the word "mess" comes to mind. Than maybe RVR went down bellow 300m so I’ll have to fly to alternate, producing more mess. Not to mention possibility of being intercepted and taken to a safe airport far away from any city and buildings. Or I can use "in VMC" provisions of ICAO proc. and land back in my dep airport. Of course 7600 is must and Ident to draw attention before changing course of action (not mag course).
I'd love to hear what you think of this
goranb