Dmahan, whatever you log makes no difference to instrument currency.
If you are already not instrument current (6 approaches / hold / tracking), logging an approach and time makes no difference - you need an IPC to get your instrument privileges back (FAR 61.57 (d))
I would talke your view that, since you lacked capacity to be PIC, you cannot log the time. The typical situations - IR training (where both CFII and student can log PIC) and safety/lookout pilot (where the safety pilot can log PIC in addition to the pilot flying the aircraft) do not really apply in this case.