You're operating on a misconception here
You do not have to refuse the approach clearance. You can indeed shoot some, but not all, of the approach. To do this you need either an approach clearance or a clearance to become established on a segment of the approach along with an altitude to maintain as you do so.
The prohibition is against commencing the final approach segment not accepting a clearance for the approach. Read the regulation.
121.651 said:
(b) Except as provided in paragraph (d) of this section, no pilot may continue an approach past the final approach fix, or where a final approach fix is not used, begin the final approach segment of an instrument approach procedure—
2) At airports within the United States and its territories or at U.S. military airports, unless the latest weather report for that airport issued by the U.S. National Weather Service, a source approved by that Service, or a source approved by the Administrator, reports the visibility to be equal to or more than the visibility minimums prescribed for that procedure. For the purpose of this section, the term “U.S. military airports” means airports in foreign countries where flight operations are under the control of U.S. military authority.
The language is specific, clear, and unambiguous - you cannot CONTINUE an approach past the FAF with the weather down. According to what you've said you can't even begin but the regulation speaks to continuing. How can you continue something that you can't begin? What's the reason for the particular wording of the regulation?
Wouldn't you agree that the weather could be marginal at your intended destination but still above minimums, and that you could accept a clearance and subsequently learn (prior to the FAF) that the weather had gone below minimums? In this instance what do you do? Using your logic (taken to a ridicuous extreme I'll admit) you would have to reject ANY approach clearance issued because the weather MIGHT go down between when you got the clearance and commencing the final approach segment.
I agree that when cleared for the approach you are not authorized to hold anywhere unless you obtain additional clearance to do so. So you fly the procedure and about a mile or two from the FAF you get the weather. If it's a no go you tell ATC that the weather is below your mins and you need to do something different. You'll probably hold at the FAF. All of this is identical to what you would do in the scenario I proposed. As a practical matter you do the same thing whichever way it comes at you.
But, maybe we'll just have to disagree. That's okay with me.
TIS