I believe in this philosophy which seems to comply with all the rules and keep things simple at the same time.... THE PROCEDURES ARE TRACKS
As far as I know ALL procedures on a chart are considered TRACKS (unless specified otherwise). Therefore we should be flying TRACKS at ALL times in a hold - simple. So in a hold when you are flying a track (inbound or outbound) apply drift - the same as you have been doing for the last hour or whatever all they way to the aid. When you are turning inbound or outbound remember that these are also TRACKS so..... as the procedure is based on nil wind rate 1 25 deg etc, apply a correction to bank angle to correct for wind so that the aircraft flies the same TRACK as was originally prescribed in the procedure.
And a question for the Jet guys with all the technology. Does their FMS autopilot thingy fly holding patterns on drift or does it multiply by 2 or 3 or whatever??? And what does it do to bank angle to compensate for wind in the in / out bound turns?