Bob,
My tendency would be spend to the limit on things that would save the owner money in the long run - more efficient irrigation (or more coverage), cart path curbs to avoid roping, and always, drainage, again, around and about the cart paths and major circulation areas.
The most dramatic example of that was Wild Wing. The first two courses were built for under $3Mil. I proposed a $4Mil budget, which was accepted when the owner saw the detail. My earthmoving, green size, etc. was all the same, but the extra funds were for irrigation wider, more drainage, etc. as above. They realized they were looking to add all those items on the first courses anyway, and accepted the budget.
The best owners are ones who have been through the cost cutting before and know the results.
Pat,
In addition to the above, with no handcuffs, I would probably make sure I had the budget to do the landscaping and tree planting (if any was required on that site) with fairly mature trees, so I could avoid having that done later. Its usally too close to the fw to consider growth, in straight lines rather than clumps, etc. The same kind of problems all older courses face.
I would trend towards larger greens with more contours, and more dramatic bunkers. (For an example, go play the Quarry where I had the Owners confidence from the first coures and general direction to build something good, but little day to day interference)
I doubt I could ignore all I learned in the past about what makes a course work. For example, I would still pay attention to drainage, circulation (foot and carts, if applicable) and microclimates. Unless it were certain to be a 5,000 or less round course, for example, I wouldn't do postage stamp greens, nor would I design greens without cup areas at 3% or less, or ever do a postage stamp green in a shady area. For that matter, I would still clear trees out as required to provide the proper micro climates, etc.
I'm sure there is more, but I am off to the office to design yet another project with handcuffs! All things considered, spending your day designing courses, even with handcuffs, ain't a bad way to spend your day......