AFAIK, the 430/530 will not fly the hold even if you have roll steering. When you cross the fix, the steering will take you directly back to the fix in the shortest direction -- it will not steer you through the entry or around the racetrack. The only way to fly the hold is to switch your autopilot from NAV to HDG when you cross the fix, use the heading bug to fly the outbound leg and start the turn inbound, and then switch the autopilot back to NAV once the nose is within 180 degrees of the inbound course. At that point, it will intercept the inbound course and fly you back to the fix, at which time you start the cycle over again -- select HDG, turn to outbound, wait for outbound time/distance, turn to inbound, select NAV, wait to cross fix, select HDG, etc.
If there's another way to do it, I'd like to hear it. However, the fact that the GPS goes into SUSP at the holding fix and will not cycle to the next point (unless it's a HPILPT, in which case it automatically cycles to the next point and won't stay in the hold) makes it hard to imagine how it would work.