I have done it both ways. The hanging belay isn't great. I wasn't absolutely thrilled with the gear and it isn't comfortable.
Doing the route as one pitch creates bad drag-- the climb does a U-turn through the crux. Maybe someone better than me can avoid it but I was using doubles and still created pretty bad drag at the top.
Still the single-pitch way is better in my opinion. And it's a great climb, beautiful 5.6 corner & traverse and an easyish one-move 5.8 crux.
Both of those options aren't great - the hanging belay is what Seth said, and it's also pretty easy to lock yourself down if you try to link it and fail. A third thing to consider is doing a very short first pitch, then linking the last two.