Tom: build one, perhaps, but please don't plan to ask Mr. Average to hit the green with much more than a 7 or an 8 iron, which means that you'll have about 450 yards to work with, and with the additional proviso that you not make Mr. Average try to hit a 3 wood off the turf.
I myself, of course, am this Mr. Average: average height, average weight, average skill set, average distance off the tee. (On the other hand, I did hit a good 3 wood off the turf on the 8th at Crystal Downs once; but I got lucky, and it was Crystal Downs.) I think you can legitimately ask that, from the blue tees, I be able to hit a drive around 250 yards on occasion, and occasionally hit it straight; so if you leave me a 5-wood or 2 hybrid for my 2nd shot, Mr. Average would be okay with that.
That said, however, it is already sounding to this Mr. Average like a potentially bland and boring hole, unless the land lends itself (as per the aforementioned 8th hole at CD) to the creation of a rare and genuinely special charmer. Otherwise, all you will have done is to force Mr. Average to come in not with a wedge (as he might on mid length Par 5s) but with a 7 or an 8 iron instead. Since you know of my general ambivalence about most Par 5s, you won't be surprised that I feel a yawn coming on.
Peter
Edit: also, what Doug says below