John: If you cannot design a par 5 which has a risk/reward feature for most players, then is that a significant feature which should be given much weight when evaluating the overall design of the golf course?
Yes, its a significant feature. But like I said, if you make a 480 yard par 5 that provides a good risk/reward opportunity for the average player, it might be able to provide a risk/reward chance for the better players (assuming they are playing different tees, like they should be) but a 480 yard hole for someone like me simply can't be risk reward, unless its made in such a way that I couldn't hit driver off the tee; otherwise, the play for me and better/longer players is something along the lines of driver-7 iron. Jerry, if you can make a D-7 hole risk/reward, then you've really done something.
Now, something could be done along the lines of 520 from the back tees, maybe 490 from the next set, 470, and maybe 400 from the most forward tees, it could play risk/reward for all (most) and be ok, but that would amount to a large amount of tee space to maintain.
You simply can't make a hole that plays a 'half-par' for all players.