Answer to question 1 is 'yes'.
#2: The 3.2.3.2 paragraph is from the "Initial Approach Segment" chapter. Entry into the racetrack is considered the initial approach segment. Once you've reversed course and are now heading inbound to the Final Approach Fix, you're on the intermediate approach segment. Once you pass the FAF, you're on the final approach segment. So yes, as long as you remain within the procedure turn distance, you can descend down and commence the approach immediately.
If you are very high and need to do a shuttle descent, then entry into the racetrack would essentially be a hold entry until you were at a low enough altitude to commence the full procedure approach. Once you were low enough, then on your next outbound turn from the IAF/FAF you would be on the initial approach segment.
Edit: If you continue reading you'll get to "3.3.8 Shuttle":
"A shuttle is normally prescribed where the descent required between the end of initial approach and the beginning of final approach exceeds the values shown in Table I-4-3-1.
Note.— A shuttle is descent or climb conducted in a holding pattern."
Last edited by italia458; 13th May 2012 at 03:35.