While spending some time last week reading some local Oregon newspapers, an article mentioned Mike Kaiser saying that he would consider transforming the Sheep Ranch into another of Bandon's courses. It did not sound eminent, but I thought I'd throw out the question of which you'd prefer. Although a two time Bandon visitor, I have not been fortunate enough to venture out to the Sheep Ranch. I'll vote for making it into Bandon Dunes V, if only to make access a little easier.
As a side note, over the past six months I've twice tried to book groups of eight to Bandon, and failed when the limited tee times and accommodations couldn't make the trip feasible. I called over the weekend, and booked my wife and I times over the Christmas weekend, and it was wide open! It makes me much less sorry that my daughter will be with her in-laws!!