Jim,
I think your way is the way most look at it; a wide scoring band for a hole or course makes for a good matchplay venue. There may he some truth in this, but I am not sure how far it can be taken. I think a good match play course ought to have plenty of excellent matchplay holes, and to my mind one type of excellent matchplay hole presents the golfer with real choices from the tee through green. But the consequences of a good choice/execution or poor choice/execution need not always be as immediate or as stark as death vs. victory.
A perfect example of a great matchplay hole which doesn't fit into the victory (eagle) or death (double) mode is the 10th at Riviera. There is a very real and stark choice for top golfers off the tee, but the range of consequences is not stark nor are the consequences immediate. Screw up going toward the green and you still have an outside chance at a recovery shot, but you had better hit a perfect one. Hit a perfect layup to the left and your work is not even half done --you still need to hit a perfect wedge and you will still be left with a tough putt (even if it is short.) Both players could remain in the hole even after a slight error in judgment or execution, and every shot through the last putt is interesting and exciting for players and spectators alike.
Some years back I took a look at scores from this hole in whatever the L.A. Open (whatever it was called that year) to test this notion that a wide scoring spectrum correlates with an interesting matchplay hole. I don't remember the breakdown but a large sample of players who went for it and a large sample laid up. The range of scores was surprisingly narrow, and the scores were heavily bunched at birdie/par. Eagle and double (or worse) were both possibilities, but both are extremely unlikely for top players, and extremely rare. Even bogey was fairly rare.
I guess what I am saying is that sometimes interesting strategic golf might produce a wide scoring spectrum, sometimes not. And wide scoring spectrum may also be indicative of severity and immediacy rather than than interest and options. Features such as unplayable gunch, lots of potential for lost balls, forced carries, etc are all conducive to a wide scoring spectrum, whether or not they present real choices or interesting shots. Just my opinion of course.
As for the LA area, LACC is a good call. I can't wait to see the 2017 Walker Cup there. Riviera I already mentioned. Rustic Canyon would never be chosen to host any big time event, but I view it is a terrific matchplay course.
You ask about whether the blatant penalties at Sherwood make it more interesting. To me the answer is no. Matchplay is only fun for one guy when the other is in essentially in his pocket.