What I played around with a couple of years ago - with limited success - was having the call go to a queue (with no agents associated to it). In the in-queue call flow you have it play your hold music for x seconds, then do a transfer to group action... on failure/no answer of that the call would come back to the in-queue flow again out the failure path of that transfer to group action.
You'd definitely want to test this though as I remember one of the main issues was that agents in group ring lists get alerted while they're on a call if they're not manually set to busy. If they don't answer that second call they get marked as unavailable/not responding for that particular interaction. So even if they then go available again they won't get targeted for the call again. There may have been other issues but the messy nature of the setup meant I walked away from it in disgust :) Only benefit is it will give you that hold music experience you're after.
------------------------------
Vaun McCarthy
------------------------------