Terry...that is an interesting comment and one we all might want to seriously discuss.
I remember playing with Ralph out at Askernish and, I can't rememer which hole it was but, he said that the hole we were playing was built for $5,000 in total. Not $5,000 for the bunkers. Not $5,000 for the tee boxes. But $5,000 in total.
So, could the course be touched up with modern construction techniques? Sure. But in all seriousness, is it worth it on a cost/benefit basis?
I don't know, as I'm no construction or golf course operations expert. But for that low level of expense, it seems the hurdle rate for profitable operations is low and, therefore, sets the foundation for affordable golf both from the players persepective and the club's perspective.