Matt,
You're correct. In general, adjustments were made to account for technology and today's distances. Rather than recreate a bunker at exactly the location it existed in 1938, bunkers were rebuilt, reintriduced, etc to restore the intent of the 1938 bunkering. That is to say, if a bunker threatened a drive in 1938, it is now rebuilt to threaten a 2013 drive (let's say 200 yards for member goes to 250)
For old 5, this design approach resulted in a third bunker being added to keep the bunkers in play for bombers, and adds a lot of strategy to the tee shot. It may not be evident in the photos, but the lip height of the bunkers increases as they get further from the tee, and the fairway slopes dramatically right to left. If you cannot play a tee shot right to left off of the tee, your ball will feed down to those bunkers. We have the ability to mow the collars and allow the fairway to feed into the bunkers if desired.
A shorter hitter (or iron off of the tee for a longer player) that misses would find themselves with a relatively easy recovery from a shallow bunker with a modest lip, about 210 off of the tee and 160 yards from the green. The middle bunker has a slightly higher lip and the third has the highest, so if you're going to rip driver, then don't miss. You will be left with a 100 yard approach to an elevated green that has to contend with a deeper bunker and high lip.