Jim
you won't believe what an extra 5 feet in radius (10 feet in diameter) will do those greens. They will appear 'huge'. And, pins can be placed a further 5 feet towards edges, which will take a lot of pressure off the middle of all of your greens.
One of the good things about your proposal, ie with an old triplex but a slightly higher cut, is that the buckets at the front will remove the clippings. Give it a year or two, include all of the fringe (and hopefully some of the surrounds) in any annual maintenance activity (coring, topdressing, dusting, de-thatching etc) and keep an eye on what happens at the most stressful time of year for grasses.
Good luck. I repeat though, you won't believe the difference that an extra 5 feet in playable area of greens will do, and how it will enable the wear on the greens to be better spread across the entire green at high stress/usage times.
James B