MM & John,
They have had recent issues with the tide and water levels coming almost up under the actual clubhouse, and have done some big work moving some fo the frontal dune (near wher you go to the Beach), imagine standing on the 16/17th tee, as you look back toward the clubhouse, that small estuary that begins the Forrester, now is much larger and heads back toward the clubhouse.
So, although, as you mention, it has always looked like a fine setting for a hole, reminiscent of the opening hole at Doonbeg, and along with the original 17th tee and in fact the entire RHS of the 18th fairway, there is just too much changing of the dunes and marram grass, to commit to a golf hole on that land.
bm