A B727 FLC DSNDED 600 FT BELOW THE ASSIGNED ALT AND DEVIATED FROM THEIR HOLDING CLRNC. THEY HAD JUST BEEN CLRED DIRECT TO A FIX AND THEN THEY WERE GIVEN A CLRNC TO DSND AND HOLD LESS THAN 2 MINS FROM THAT SAME INTXN. THE FLC FAILED TO SELECT THE NEW AUTOPLT.

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INBOUND TO THE DFW ARPT WE WERE CLRED INITIALLY ON THE BOIDS ARR AND THEN CLRED TO HOLD AS PUBLISHED AT SPS. BEFORE REACHING SPS WE WERE GIVEN A HDG OF 180 DEGS AND CLRNC DIRECT TO RYANN INTXN. THE B727 WE WERE FLYING IN ONS EQUIPPED BUT WAYPOINTS MUST BE ENTERED MANUALLY AS LATITUDE AND LONGITUDE; AND RYANN INTXN HAD NOT BEEN ENTERED AS IT WAS NOT ON THE FILED (OR CLRED) RTE. WHILE THE CAPT (PF) WAS TRYING TO ENTER RYANN INTXN WE WERE CLRED TO HOLD AT RYANN AND DSND FROM FL330 TO FL310. AS WE WERE DSNDING; THE CAPT REALIZED WE WERE XING THE RADIAL OF RYANN INTXN AND STARTED A L TURN INTO HOLDING. THE COPLT AND I THEN REALIZED THAT HE HAD NOT TUNED IN BPR BUT WAS STILL WORKING OFF OF SPS SO WE WERE N OF THE FIX. AS WE WERE TRYING TO CONVINCE THE CAPT OF OUR REAL POS AND WHICH WAY TO TURN TO GET TO RYANN WE NOTICED THE ALT DECREASING THROUGH FL305. THE CAPT STARTED A CORRECTION AND ABOUT THAT TIME ATC ISSUED A FURTHER DSCNT (WE WERE AT FL303 AT THE LOWEST PRIOR TO CORRECTING AND GETTING A NEW CLRNC -- THE ALT ALERTER HAD NOT BEEN RESET IN THE CONFUSION). AT THAT TIME WE WERE THEN NEARING THE BPR RADIAL TO RYANN BUT WERE 10-15 NM E (INSIDE) THE FIX. THE CAPT WAS INTENT ON MAKING A STANDARD ENTRY INTO HOLDING SO TURNED L; THE LONG WAY AROUND; BACK TO ENTER HOLDING RATHER THAN TURNING R THE SHORT WAY TO FIRST PROCEED TO RYANN INTXN AND THEN ENTER HOLDING. CONTRIBUTING FACTORS WERE A HIGH INDICATED SPD TO ACHIEVE TFC SPACING COUPLED WITH A 100 KT W WIND (TAILWIND) INCREASING OUR GND SPD AND DECREASING THE REACTION TIME TO THE CLRNC CHANGES. THE ONS WAS ALSO A FACTOR AS ATC MAY ASSUME SINCE WE ARE AN 'R' EQUIPPED AIRPLANE WE HAVE THE SAME CAPABILITIES TO IMMEDIATELY CALL UP FIXES THAT MORE SOPHISTICATED SYS CAN ACCOMPLISH. SUPPLEMENTAL INFO FROM ACN 335437: ABOUT 2 MINS BEFORE RYANN INTXN TOLD TO HOLD AS PUBLISHED AND DSND TO FL310. ACFT DSNDED TO FL305 AND WE STARTED BACK TO FL310 WHEN CTR CLRED TO FL290 THEN FL280. BY THIS TIME WE WERE ABEAM RYANN INTXN BUT NOT ON THE 287 DEG BRP. WE TURNED R TO INTERCEPT THE RADIAL. ABOUT 15 MI LATE WE TURNED BACK INTO THE HOLDING.