Small nucleophiles will tend to attack axially because they can better avoid 1,3 diaxial interactions so they can approach from above axially. Larger nucleophiles will tend to attack equitorially if this means there is less steric hindrance (1,3 diaxial interactions again) to do so, and only if the ring is locked in a specific conformation with a t-butyl group or sufficiently large group on the ring.
As discodermolide said, you will most likely get ring flip to a more stable conformation, though I think the hydroxide would attack axially, and end up "pointing out from the plane of the page" to avoid steric interactions with the methyl group.