Tony T:
In all the years of playing Ballybunion, I've really only played #18 one way: a four or five wood to the right and usually short of the big bunker. The changes Tom Watson made to this hole only reinforced this approach.
However, I have friends in Ballybunion who play the course on a regular basis and do vary their strategy far more. Depending on wind conditions, they sometimes attempt to put their tee shot past the bunker and set up a much easier little pitch to the green.
I agree with JDoyle that it is really the second shot where the trouble is faced. Of course, the blindness has a lot to do with it, but it is also worth noting that certain misses can result in very tricky recovery shots, e.g., short left (whether in the pot bunker or not).
So, is it one dimensional? I'd say it depends on your risk tolerance. You do get a big reward by successfully taking the more aggressive tee shot, but you can be left with a real awkward shot if you miss. I prefer the conservative approach, especially with the change Watson made (and almost no visitors even notice).