SAAB SF340 FLT CREW HAS AN ALT AND TRACK HDG DEV DURING A MISSED APCH AT ITH.

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UPON COMPLETION OF APCH ON THE VOR 14 AT ITH THE ARPT WAS IN NO POS TO LAND. WE HAD CONTACT WITH THE RWY AT THE MISSED APCH. ARPT WAS PARTIALLY OBSCURED BY CLOUDS AND FOG. THE CONDITIONS WERE AS FOLLOWS: 001 SCATTERED; 004 BROKEN; 015 OVCST RAIN AND FOG; WING 320 DEGS AT 11 KTS. THE ILS TO RWY 32 HAD THE GS OTS. MINIMUMS ON RWY 32 LOC ONLY IS 009 FT AGL VOR 14 OFFERS 440 FT AGL. THE GS IS RPTED TO BE READY TO HAVE TEST FLTS BUT IS UNAVAILABLE FOR US. THIS WAS THE 6TH LEG FOR A NEWLY HIRED FO. THIS WAS AN IOE FLT. APCH WAS FLOWN WELL WITH SOME GUIDANCE SPD CTL AND AGGRESSIVE DSCNTS ARE NEEDED TO BE AT MDA PRIOR TO RWY. VECTORS PUT US 6 MI FROM THE FAF AT 1500 FT ABOVE MDA. UPON DECISION TO GO MISSED; THE FO FLEW THROUGH THE MISSED APCH ALT. ELMIRA WAS INFORMED AND THEY TOLD US TO MAINTAIN 3800 FT. WE WERE ADVISED TO ENTER THE PUBLISHED HOLD. IT SHOULD HAVE BEEN AN EASY PARALLEL ENTRY DIRECT IN SOME WAYS AS IT WAS A L TURN HOLD ON THE FINAL APCH COURSE. AS THE FO WAS ENTERING THE HOLD I WAS DISTR WITH TALKING TO PAX AND COMPANY FOR FURTHER INSTRUCTIONS. THE FO WENT ON THE UNPROTECTED SIDE OF HOLD. I THEN DIRECTED AND WE BECAME ESTABLISHED INBOUND.