Niall, here are some excerpts from a 2013 article about Palmer's impact on the Open Championship. I cut out most of the story, but as you'll see, the author comes to the opposite conclusion as you (
http://sports.yahoo.com/news/golf--how-arnold-palmer-changed-golf-forever-084900662.html)...
..."In 1960, the 30-year-old Palmer was the most famous athlete on the planet. He'd already won both the Masters and the U.S. Open on come-from-behind Sunday charges. He would capture eight of the 27 tournaments in which he played, earning a then-record $80,000 in total prize money.
"The Open Championship? It was an inconsequential tournament from an American perspective, irrelevant to the burgeoning United States golf scene. For pros, the hassle of traveling to the United Kingdom wasn't worth any potential reward. Every player had to survive a 36-hole qualifier. The winner received only $3,500, compared to $14,400 at the U.S. Open, and the total purse at the Open Championship was $19,600, less than a third of the U.S. Open's $60,720. (No, there are no zeroes missing from those figures.) Moreover, the tournament often conflicted with the stateside-yet-still-prestigious PGA Championship.
"...Palmer's appearance provided an immediate boost for the R&A, which recorded a $10,000 profit from the 1960 Open, double the previous year and a boon to the cash-strapped organization. The armada of American media that followed in Palmer's wake spread the word of the Open Championship far and wide. And once Palmer returned to capture the next two Open Championships, the tournament's future status as a fixture for American golfers was assured.
"These days, of course, the Open Championship is a can't-miss stop on the year's schedule, for both players and fans. More than a dozen Americans have won the tournament, ranging from icons like Tiger Woods, Jack Nicklaus and Tom Watson to, well … John Daly, with the most recent being Stewart Cink in 2009. Golf's frontiers are no longer in the United Kingdom; they're in Hong Kong and Abu Dhabi.
"Palmer won't be in attendance at this week's Open Championship, but he'll be watching from his home in Latrobe, Pa. And his thoughts will almost surely go back to those days of half a century ago, when one man changed an entire sport."