I once played in a USGA qualifier where the host course took this exact approach. Distance wasn't the problem, the inability to spin the ball off of wet mushy fwys (not to mention the mud you'd pick up) to firm rock hard greens made for very high scores and lots of pissed off golfers. It was stupid and I hate the idea.
Firm greens, just plain old firm greens, that will only hold a well struck shot will provide all the challenge most pros need. Soft fwys are actually easier for them as well because they can get the ball to stop wherever they hit it, and they usually hit it where they want. Firm, bouncy fwys on the other hand can drive 'em crazy because the ball keeps moving once it hits the ground. That's great when it is moving straight ahead, but when a fade or a draw hits a firm fwy, the ball sometimes bounds into undesirable places. Combine that with firm greens and you've got the set up that works best, IMO. We're way to hung up on how far they hit it and most of the measures taken to combat distance actually work in the pros favor, not against them, unless you go to the tricked up extreme of mush fwys and concrete greens.