John, I think with a couple of months behind us to be objective, Bethpage Black might be such a course. Perhaps Torrey Pines might turn out to be an improvement as well (not that it started out with classic status). Those are examples of older courses, and in BBs case - classic, that not only were remodelled for the better in aesthetics and playability, but were specifically done to accomodate the highest levels of playing skill.
But, the real question should be about the clubs and public courses that will never reach the tournament status of BB. The answer is really keyed to the people doing the restoration of remodel work. My guess is most older courses that aren't considered greatly meritorious for exquisite design features benefit from a good architect coming in and matching certain classic themes without superimposing radical or signature design features specifc to their own design style. If a good architect comes in and sets his own design style aside for the betterment of remodelling a deficient older course with only some classic features that are worth preserving, then the result ought to be good. Where it really gets done wrong is the archie coming in and putting his trademark amoeba bunkers or trademark waterscapes on a piece of land and amongst a design theme that is not in conformance. Of course, one can design a hole of interesting playability from a technical point of view requiring great skill and multiple strategies that is not in conformance with previous design, but that square peg in a round hole aspect will always be a distraction, aesthetically.