I'd also like to wish Eric good luck!
But, it isn't as if this hasn't already be done to great success by Black Creek in Chatanooga. Brian Silva did a Raynor-CBM genre tribute to high acclaim.
ONe thing I think we have to consider when pondering this good question is the context of the times. Let's face it, the world of golf, the number of great golf holes was hardly ubiquitous in those early days of 1900-1920s. Copying the style and playing strategies of the greats of GB%I was taking from a much narrower universe than now.
But what works, works, IMHO. A great architect will somehow be able to imbue the design with his own personal touches, and the contructors will shine in their craftsmanship, but a template hole will still have basics that are the same in any era. Old McDonald is obviously headed to undertake the comments you have made Mr. Blake, and with their line-up of consulting designers, I think it is very exciting to anticipate what they will do.
As far as a contest winner, recreating that hole, I think that is best left for a tribute course of a collection of copy holes, not an interpretation course like Old McDonald. But, I still think the idea is valid if managed correctly, and brings more people and contestant designers into golf in an inclusive way with real rewards of seeing one's dreams come true in the dirt. But, it takes a great construction team to be faithful and craftsmanlike in carrying out the interpretations...