In the case of lost communications the Instrument Flight Rules provide explicit guidance.   It is expected that if you arrive at your destination prior to your filed Estimated Time of Arrival that you will hold at the IAF until that time.

Sec. 91.185 - IFR operations: Two-way radio communications failure.

(a) General. Unless otherwise authorized by ATC, each pilot who has two-way radio communications failure when
operating under IFR shall comply with the rules of this section.

. . .

(3) Leave clearance limit. (i) When the clearance limit is a fix from which an approach begins, commence descent or descent and approach as close as possible to the expect-further-clearance time if one has been received, or if one has not been received, as close as possible to the estimated time of arrival as calculated from the filed or amended (with ATC) estimated time en route.

(ii) If the clearance limit is not a fix from which an approach begins, leave the clearance limit at the expect-further-clearance time if one has been received, or if none has been received, upon arrival over the clearance limit, and proceed to a fix from which an approach begins and commence descent or descent and approach as close as possible to the estimated time of arrival as calculated from the filed or amended (with ATC) estimated time en route

This is a question.   Would you, or should you hold at the Initial Approach Fix in a legitimate lost communication situation?

If you are soldering thru the scud in your single radio FLIB and the radio does fail, what are the chances that it is portending a more serious total electrical failure.  If you had a functioning navigation radio to get you to the IAF
is there a chance that the the same malaise that infected your marconi might also silence your only tool to accomplish the approach?

If you have had a more aggregious electrical failure and are improvising with a handheld, should you consider this a full emergency and accomplish the approach and land as soon as practical? 

I cannot imagine that if ATC is tracking your primary only target, or has lost track of you entirely, that they won't feel oblidged to sterilize your most likely approaches up until you land safely -- regardless of how crisply you are holding an an initial approach fix.   By continuing to hold all you do is; consume fuel, give the weather an opportunity to deteriorate, and suspend all the operations at the airport.

They would have no way of knowing what precise time your Big Pilot Watch was displaying, or that you might not make a dash for the ILS at any time having imagined you now smell smoke, or are seeing the ammeter twitch.

No, I would seriously consider flying the approach as soon as I reached my filed destination.   Assuming I couldn't raise ATC on my hand-held backup --  I would chant 91.3 and exercise my emergency authority to get the airplane on the ground.  

Sec. 91.3 - Responsibility and authority of the pilot in command.

(a) The pilot in command of an aircraft is directly responsible for, and is the final authority as to, the operation of that aircraft.

(b) In an in-flight emergency requiring immediate action, the pilot in command may deviate from any rule of this part to the extent required to meet that emergency.

Opinions?