The RO Committee has arrived at a consensus on how to best clarify the question of what is meant by “in hand” as applied to loaded revolvers.
The following will be posted on the TG, RO, and ROC Wires (to be added to the next edit of the RO1 “Glossary of Terms”) :

“REVOLVER IN HAND” is defined as it applies to:
Holstered = Muzzle clear of the mouth of the holster (i.e. “out of leather”)
Staged = Muzzle no longer in contact with the surface of the initial staging point

…this provides the same allowance for a ‘full grip’ on the second (loaded) revolver while firing the first no matter how/where the revolver(s) start on the stage.
Once the muzzle clears the holster or all contact is broken with the prop, the shooter is in violation if not registered as a GF or BW competitor.