My answer would be to descend in the hold so as to cross the IAF AT 4930'. Because it is a mandatory altitude, if you can't make it, another turn in the hold would be in order.
Mine too. I think this may be relevant:
In my opinion MHA is based on a speed , radius of turn to ensure obstacle clearance . In that particular case 245 kts as a maximum speed in a hold will involve a larger area therefore MHA of 5910 feet.
Regarding the procedure it says max speed of 205 kts , to reduce the radius of turn and stay in the defined protected area of the procedure
Whatever the reason, when cleared for the approach I think it is authorised to descend below MHA to the published 'at' altitude whilst observing the lower max speed. The racetrack becomes a de facto part of the approach procedure as opposed to a hold. Option 1 for me.