I'm not saying that having an "On Hold" list is wrong; do what works for you. But isn't "On Hold" the same as "Someday" (you'll get back to it later)?
Are you sure you've identified the real reason you're not comfortable with Someday/Maybe? Are you doing a weekly review every single week? Are you reviewing each one of those items on your Someday/Maybe list every single week and deciding whether or not to move some of them back to Projects? If you're not, that's the more likely reason you're not comfortable with that list.