Patrick,
Absolutely. New and Improved Tide sells a lot better than "restored Tide."
All gca's do a percentage of their work in renovations, and that % will go up. Interesting that your title says will the gca's do it, but your last post says "will courses undertake facelifts". Of course, its the latter, as you often point out.
There will be pressure to do laser surgery type projects rather than complete blow outs, just to keep costs low. Changes will be targeted to things thought to improve the course. Things golfers really don't notice won't be done.