Another volcano hole worth checking out is the fifteenth at the CountryClub of New Bedford (North Dartmouth, MA; Park Jr., 1902/Ross, 1924). Here's a peek:
http://www.countryclubofnewbedford.com/hole-15 To answer your questions, (a) I don't know of any modern versions, but (b) I would certainly advocate for more.
I think the 15th at CCNB is quite brilliant. At a maximum length of only 133 yards, this late-round one-shotter doesn't disappoint. Too short with your approach and the obvious roll back is all but certain. Too deep and you're left with a slightly uphill pitch to a front-to-back sloped green --- also tough. Left features a deep and long green side bunker and right leaves you with a pitch from well below the surface of the green.
What's more, the internal contours of the green are perfect. If you decide to play through the opening, between the two front bunkers (the rightmost one is actually quite a few paces from the front of the green), you will land on the section of the green that is most severely slanted from back to front. Too much spin with that PW can very likely spin you off the front. If you are willing to play over the right bunker, you will be playing to a flatter section that, if anything, directs the ball towards the center of the green.
I never tire of playing this hole near the end of a well-played match. Birdies are as common as double bogeys, and skins almost always exchange hands.
I'd also be interested in hearing about more modern examples. Thanks for posting.
- Jon