Mike:
Oakmont may have had the bones to be a great course when it was first laid out, but it was missing the details. It wasn't until around 1912 that it was even considered one of the best courses in Pittsburg(h), at which time the idea was first floated to host the Amateur.
There is no doubt that the original intention was to build one of the very best courses in the country from the get go, it just took a while to get there.
I also think the course received plenty of notice from the golf community. Fownes was a well known figure with connections throughout the country, and his undertaking would not have gone unnoticed. The course would have been considered in the same light, that being a big, unfinished golf course, no matter where it was located.
What is curious to me is why he decided to build it at that length. Around the same time Bendelow was espousing longer courses to keep up with the increased distance of the new ball. Several of his attempts to stretch courses out were met with disdain, and in many instances the courses actually built ended up being shorter than his proposed plans. There's a great corollary to East Lake, as both courses were built to be championship tests. East Lake, like Oakmont, took a number of years to evolve into the desired image of its founders.
Sven