I suppose it depends on what you are trying to do. If you want the absolute best course possible on a given piece of land, assuming the land is more than the bare minimun required to build a course, then the best holes possible and the best routing may be a bit spaced out. Or it may not be spaced out. If you simply want an easy to walk, fun to play place for the public, then use the minimum land possible and still remain safe and put the greens and tees as nearly together as possible. Its an odd question though.
If given, say, 1000 acres and simply told to build the best course possible, as was done with Sand Hills, its possible the holes will be isolated from each other and with some slight walks between holes.