I agree with Pat Mucci here. What exactly is the 'wrong' par for a hole, and what in the world does it have to do with a hole being really good?
The original question is flawed in this context. In the initial post, would every 'reachable' par five be wrong (or reachable par 4, or long par 3), because the assumption is the 490 yard hole is reachable and that makes the par 'wrong'?
Now that being said, par definitely impacts play. Consider a shortish (485y) par 5 on the 17 hole of a golf course where most proficient golfers can reasonably expect to have a crack at the green in two, albeit with some bunkers and tree issues. If it's a tourney situation and someone is one back of the lead, a decision will have be made as to the best route at attaining a birdie given these circumstances, especially since the 18th yields few. Also consider that this 17th green is diabolical and narrow so a short-side miss will result in a near-impossible up and down, making par or worse likely. So even though this hole is pancake flat, golfers will play this hole a variety of ways. In tournaments it will be an attack relative to their position in the field, and to the average golfer it's one of those holes where you play each shot for the hole itself, i.e. most folks play it as a three shot hole. It's a great concept.