I have played several great courses that have one or zero par-5's ... Rye and Swinley Forest are the first two that come to mind. Some have suggested Royal Melbourne (West) is very close to this, too, because even though it has four par-5 holes, none of them are more than 510 yards. All of those are GREAT courses for someone like me, and probably for nearly everyone who's reading this comment.
However, I don't think those same courses are great for the professionals, if they never have to hit more than an 7-iron out of the fairway. Yes, you can build some extra long par-3's and some very cool short par-4's and make the course INTERESTING for them, but not TESTING for them. To make it TESTING for them, I think you need to have some holes in between 540 and 600 yards, where they would be really challenged to go for the green with a long second shot. Those are really still par-4 holes for the Tour player, but for the benefit of mortals, you have to call them par-5's.