Tom,
While I agree the copse of trees would likely be a worse fate, I think a nasty centerline bunker could be very effective as well. I'm thinking several feet deep with lots of uphill and downhill lies with puffy cloud edges that MacK would be in favor of. #5 has some pretty tough bunkers, perhaps something of this nature.
While this may not be much of a deterent for you and your 3 handicap short game, I'm guessing the vast majority would prefer to stay clear of them.
So it would have the best of both worlds, enough penalty to get people thinking about them, but not as penal as the trees so that one could still consider having a go at the green from them. Its all about the choices right?
Once again, I'm not suggesting they should do this, just saying it could be done as an effective alternative as I agree with Tom D that a new implemenation of this would never fly!!