Peter,
Torrington changed a lot of their OB's to lateral for the Amateur qualifier but went back, I think to keep the rating up. That might not work at Wyantenuck either but we are thinking of doing it at Hotchkiss, at least on a couple of our holes. We have some situations where we can't make the change because we can't allow play from the dorm or faculty housing areas. We also have the road bisecting the course and can't allow play over them either.
As for speeding up play, I think it cuts both ways. OB stakes are pretty definite and members usually know when there is no chance of the ball being in. They won't even look for the ball many times. Take away the OB and some players are going to make the effort to find the ball, as it may be playable. If they do find it they may be taking a couple shots to get it out from the thick stuff around the edges, wasting more time. If they find the ball then they must deal with it and abandon the provisional ball anyway. Leave the OB and many will just hit their provo and leave the ball where it lies, possibly wishing it best regards for the upcoming winter
Or try the lateral approach. I think that addresses the pace of play as golfers can play the ball if found, abandon it if found without trudging back to the tee, or dropping at the
spot where their ball decided to visit the neighbors. A lot of players would probably not even take the full 5 minutes for the search because of the lessened penalty.
It also has the added effect of leaving more balls for Bill King.