Here's a larger version of the complete painting. All the background topographic features are in the right place from the perspective of somewhere near the current bunkers on Perfection. Bass Rock and the stone wall and gate to the left. Berwick Law, the Marine Hotel to the right and the Redan bunkers up the middle. Even the maintenance building just ove rthe golfers heads.
What's perplexing is that the golfers seem to be playing at right angles to the bunker. That would not be consistent with the current location of the bunkers and green as the green is angled off to the right of the current bunkers. Also, there doesn't appear to be a large ridge behind the bunker in the painting as there is behind the current bunkers.
There doesn't ppear to be a ridge behind the bunker in the old picture either although that picture was taken in a direction a bit to the left of the painting's direction. The island in the background is Craigleith which is to the left of Bass Rock.
Here are larger images from Britain from Above showing the area in 1929 and 1953.
In the old painting the bunker bleeds off to the right and down towards the stone wall and Redan tee. I'f speculate that the bunker section in the painting and the old photo was not where the current bunkers are but was to the right of them down the hollow towards the stone wall and Redan tee. You can see that area in the 1953 aerial. The dunes there are not so high and would be more consistent with the background and the right angle direction of play in the painting and old picture.
For what its worth I'm a fan of the hole and in fact the whole back nine of NBWL.