I don't think this is clear at all. The only depicted way of doing the initial approach is by a base turn from KP or straight-in via REVBO. As depicted, the hold over KP is just a hold, not a racetrack procedure. If I recall correctly, you can choose any kind of course reversal if a procedure turn is depicted, but a base turn has to be flown as a base turn.
If you are using the KP hold as a racetrack, you are essentially constructing your own procedure.
There are two questions in my mind: First, you should intercept the ILS GP at 2000', but the MHA of the KP hold is 2200'. When do you start your descent? If you are doing the base turn, it is easy -- you start the descent when passing KP, as depicted. This is not an academic question as the protected area of the hold is much larger than the protected area of the base turn. Also note that the relevant MSA is also 2200'.
Secondly, are you sure that you will intercept the localiser before the FAP? Given the 2 minute leg for category A/B aircraft, you most likely will but it is not obvious.
I agree that the hold can probably be used safely as a racetrack, but it takes some thinking to determine and that is not something I would like to figure out in the air.
If I was arriving from the north, I would not enter the hold at KP at all, but instead position the aircraft (by whatever means) in the entry sector for the base turn (KP QDM 258°-318° if flying a category A or B aircraft).