Rob:
It's not an easy call, for sure.
I just do go back to two over-riding points:
1. If ever a course should go toward the traditional, this is it. They're calling it Old Macdonald for God's sake, honoring a man that the vast majority of golfers have never heard of, but those who have heard of will want to to honor to the full extent, likely by playing as he did. Either way, education about him has to be part of the effort here. Thus education about the game as he played and saw it would have to be a worthwhile goal also. And to this end, that means no distance markings. But even more importantly....
2. Once ANY markings are there, they are very very difficult to ignore. If you put in 200/150/100 you might as well mark all the sprinkler heads. Put any markings in and Charlie's way becomes very problematic.
And you don't have to penalize anyone.. heck they could provide a yardage guide for $5 or less, or hell just give it way to those who want it. No one MUST purchase a Bushnell nor use a caddie. Those who want distance information will have it - it will just come out of a book, or via a caddie, or via a Bushnell instead of via markings on the ground.
Then no one need be fooled. Those who want to play it Charlie's way can do so - and if they are fooled, well for them that is part of the fun.
TH