It's not dumb if the market can support a tournament, has a tournament and you can sell it to the title sponsors. Also, if there are no courses in the region which offer a challenge and the extra's which go into a modern event...Tented Village, parking etc.
If the land loans itself to being spectator friendly, is accessible, secure...why not? Multiple tees makes it playable for the masses.
I know of one such situation area...attempted to sell the project, but unfortunately time was not on my side, and the project went in another direction...
Though Crooked Stick wasn't designed for a tournament from the outset, it was designed to bring a stern test of golf to that area. Oak Tree too. That they managed to attract the PGA, more power to them. I don't see anything wrong with setting your sights in that direction, especially when there is a hole in the market for that type of course. TPC Scottsdale was designed with a tour event in mind, and quite a few other TPC's too...or?
Didn't Tom Doak sout to create one of the best college courses in that nation from the plain in Texas? It wasn't for an event, but could it be stretched it was for a similar purpose?