Normally I would agree with Ben Hogan, No. 12 was his favorite here and just about anywhere. However, where he was playing a long or mid-iron into the green, I have seen members of this site, no slouches mind you, hit as little as a nine iron in. Because of this, I must come back to Nos. 8,9,and 17.
No. 8 is a definite two shotter with a two tier green of diabolical mien. The front left bunker has been eased making for an easier shot to the upper pin position. The drive for any competent player is not menacing. All in all a wonderful hole but not quite as good as nine.
No.9 can be a one shotter. I know, I did it myself thirty odd years ago. The sensible shot is a mid iron off the tee and an eight, nine or wedge in. When the pin is at the bottom of the green it is an easier hole than No. 8... but on top it becomes a beast. The green slope on No.9 anywhere else, would be declared goofy golf, but at the Point it is considered interesting.
Of the three, No. 17 has to be the one. Although I hate trees in the middle of fairways the cypresses here force a number of options. The landing area to the right of the fairway alongside the cliff has been recuced over the years and a program to expand that area is being made. Not only the varying options of playing the hole, but the exposure to the elements that are generally absent at Nos. 8 and 9 make this the best par 4 on the course.