Steve,
Two points I will make. Be careful of how much you decide to improve. An example in North Carolina is Raleigh Country Club. RCC is a Donald Ross course that was renovated in the early-mid 90's. The course was completely restored including new greens (Crenshaw Bent), restored bunkers, reseeded fairways, restored tee boxes and a new irrigation system. The results were fantastic and the membership was very pleased. The course hosted the Buy.Com Carolina Classic prior to the TPC course at Wakefield and the Pro's really enjoyed the classic course.
Keeping in mind that RCC is a "golf club" with little emphasis on social (pool, clubhouse, etc.) ammenities, RCC embarked on a complete facility upgrade in 2000. The upgrade included a new clubhouse, pool, pool house, lockers, 19th hole, the works. Immediately RCC lost 40+ members when the facility assessment was mailed. Combine cost overruns with the current state of the economy and RCC has lost (best guess) another 40+ members over the past 2 years. Now that construction of the facilities is finished (and it is very nice), the club is facing enormous financial difficulties (might be forced out of business).
My point being, recoginize the type of club you have (golf verses social) and prioritize your improvements to your membership. Second, do not make improvements on the "Field of Dreams" business plan (build it, and they will come), and recognize you might actually lose some members in the short run if assessments are required to start the project.