Wayne,
I think you have to look at the design and play of par 5's in the context their original dates.
Years ago, I think the narrower disparity between the best, good and the average player permited designing par 5's that appealed to, and challenged each level of player. There was an effective compression of the levels of play.
Today, I would think that it would be very difficult, if not impossile, to accomodate that widened range of play.
What would it take to design a genuine three shot par 5, absent the element of wind, unique topography and features, that would test the game of a PGA Tour player ?
I would imagine that in terms of yardage you're talking about something in the 650 to 800 yard range.
Now, assuming you built such a hole, how can your present interaction with the architectural features to every level of player ?
One could argue, that on the drive, multiple tees could bring everyone to the same LZ, but, what happens after that ?
The answer would seem to be designing a hole laced with numerous bunkers/features such that every shot by every player will encounter one of them.
But, would that be overly punitive to the higher handicap ?