Andy:
You may not have paced the width of the 3rd but it's more than ample -- the fairways at BB for the upcoming US Open are narrow as a comparison guide. I did re-read your post -- several times. I think you need to see / play the hole again to better understand what I have been saying.
If a player opts for the most conservative approach -- the 3-iron, 3-iron and then wedge -- so be it. Birdie is still possible -- but the hole invites the RISK side of things and the visual "terror" Phelps employs is no different than what you see with a whole host of early Pete Dye designs. Jim Engh does much of the same thing with his stellar par-5 holes.
Strong players can achieve a mega reward but they have to take a fair amount of risk -- that's a fair tradeoff and when the hole plays downwind it's not that long for players to get there without having to bomb driver and fairway metal to do it.
Shaping shots off the tee is FUNDAMENTAL element of skill. Too many people on this site only seem to think that the back-end of a hole -- e.g., the greensite and areas just off of it -- should be severe as needed. I salute Phelps for making the tee game a key element in marrying accuracy and power while at the same time calling upon the player to work the ball as the situation demands.
I mentioned the shortcut at #16 only as a lark. The scenery and shotmaking elements are all there for players to see. Getting the ball to finish near -- without going in the barranca -- is a major component in playing the hole. I also see the green as the best of what Phelps did there.
In sum, Sierra Del Rio has a wide range of architectural elements and when you have to cope with a mega wind -- in excss of 20 mph it will summon from any player the best they can provide. I liked the course a lot -- save for the weaker holes I previously mentioned. A solid top ten overall spot for me -- and a good ways ahead of so many of the other public courses such as Cochiti, Isleta, Taos, Sandia, etc, etc.
What Phelps has done there is akin to what Ken Kavanaugh did with Vista Verde in AZ and Rochelle Ranch in Rawlins, WY. Very solid public designs that fly considerably below the radar screen and each charges a very reasonable fee to play them.