Philip:
Years ago, a construction supervisor friend of mine (who had no formal training in the business, but worked for Pete Dye from age 19) went to the annual superintendents' show, and sat in on the end of a class on Golf Course Architecture taught by Geoffrey Cornish.
At the end there was a test, and the first question on the test was, "What three surveys are the most important aspects of site analysis?" I think he was looking for topography, vegetation, and hydrology.
My friend's answer was "the land, the owner, and the money." As I said, he was a practical guy!
Over the years I have come to think he was probably right on. You need two of those three things to be really good in order to succeed. If you haven't got good property, you'd better have a great client with a lot of money. If you've got great property, you may be able to build the course on a shoestring, but you're still in trouble if you don't have the client's complete faith and trust.
Every site has its own charms which ought to be exploited. The life of construction is much easier on sand, but if that's all we looked at, we would not have taken on Stonewall, Cape Kidnappers, Stone Eagle, or Rock Creek.