CARJ FLT CREW EXPERIENCES CONFLICT WHILE ENTERING HOLD AT GFL.

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WE WERE ON AN IFR FLT ROC-GFL. WHEN WE ENTERED ALBANY APCH'S AIRSPACE; WE WERE TOLD THAT WE COULD EXPECT A HOLD DUE TO AN IFR ACFT DOING A PRACTICE GPS RNAV APCH TO RWY 19 IN GFL. WE ASKED THE CTLR IF HE COULD GIVE US AN IDEA AS TO WHERE WE WOULD HOLD. HE THEN CLRED US TO HOLD ON THE LOC TO RWY 1 AT GFL AT 4000 FT. WE STARTED OUR DSCNT DOWN TO 4000 FT AND ADVISED THAT WE WERE GIVEN THE HOLD TOO CLOSE AND COULD NOT GIVE HIM BOTH THE ALT (4000 FT) AND THE SPD FOR THE HOLDING (DSCNT WAS 11000 FT TO 4000 FT). THE CTLR INDICATED NOT TO WORRY; JUST GET DOWN TO 4000 FT. MY COPLT AND I BOTH MADE A COMMENT THAT THE CTLR WAS SATURATED. UPON ESTABLISHING ON THE FIRST TURN INBOUND ON THE LOC AT 4000 FT; I NOTICED TFC ON THE TCAS AT THE SAME ALT. THE TFC WAS OPPOSITE DIRECTION AND WAS LEVEL AT 4000 FT AND CLOSING. MY COPLT ASKED THE CTLR ABOUT THE TFC. THE CTLR THEN QUICKLY ISSUED THE OPPOSING TFC A COMMAND TO CLB AND THEN IMMEDIATELY CHANGED IT TO A DSCNT. AT THIS TIME MY TCAS ISSUED THE TCAS DSCNT RA. I KNOW I JUST HEARD THE CTLR TELL THE OTHER TFC TO DSND AND HAVING A VISUAL ON THE TFC AND SEEING HIM START TO DSND; I MADE THE DECISION TO CLB. ALMOST SIMULTANEOUSLY WITH THAT DECISION; OUR TCAS REVERTED ITS RA TO A CLB. AT THIS TIME WE WERE VERY CLOSE TO THE OTHER ACFT (I WOULD BE GUESSING AT HOW CLOSE; BUT WAY TOO CLOSE). HAD WE NOT HEARD THE CTLR'S COMMAND FOR THE OTHER ACFT TO DSND AND HAD LISTENED TO OUR TCAS RA TO DSND; THIS COULD HAVE BEEN A BAD SCENE. I AM ASSUMING THAT THE TFC WE WERE HOLDING FOR THAT WAS INBOUND TO GFL ON THE GPS TO RWY 19; WAS NOW ON HIS MISSED APCH; THAT WOULD PUT HIM IN THE SAME AIRSPACE AND ALT AS THE HOLDING INSTRUCTIONS WE WERE GIVEN.