If I had to guess Hextall's approach, this is what I think he will do:
1. Nibble around the edges during this regular season, with the goal of waiting out the rest of the 2020-2021 season. Maybe swap out some depth guys or maybe add a better goalie, but that's really about it.
2. Make some more substantial changes this off-season, with the goal of winning a cup in 2021-2022. I could see him pulling a "Neal for Hornqvist" caliber deal this off-season with a more significant piece such as Dumoulin, Rust, Zucker and such.
3. If the Penguins don't win a cup in 2022, nuke this team into orbit. Sullivan probably fired, multiple big names traded and probably a completely different team with a focus on rebuilding/retooling left after.
4. If the Penguins do somehow manage to win in 2022, they'll still try to retool the roster but in a more "add young win-now guys". Kinda the same thing that JR was doing at the end of his time with the Penguins.