Patrick,
What is being examined with a par 5 that requires three full shots that isn't being examined by Olympic's 16th? I think we can agree this hole requires three shots from everybody from the 670 tees. While long hitters may have a half wedge for their third if they go full out with their first two shots, others may choose to play an iron for position with their second and leave a full short iron third.
A hole that basically required a full driver, full 3W, then a full middle iron may be fun to watch from the standpoint of making the pros squirm, but in the end it'll just be very hard, requiring two consecutive shots in the fairway, as hitting in the rough would probably leave you unable to reach the green in three.