Yes, I'd allow guest play, because the 300 from this site who would participate would all have to come from a distance too far to play regularly. You would need guest play revenue in order to keep the club in good financial shape.
There are a couple clubs here in Chicagoland that are in financial trouble. The normal economic model hereabouts for a private club calls for approximately 250 regular members. With the right dues and the revenue generated by members who bring guests, one can typically run a pretty good country club. It seems to me that at least a couple of them, which I won't mention, would be great candidates for 300 of us kicking in $10K to be a founding member, which would relieve the club of its debt while allowing the remaining club members to remain. And we would be members of a great "national" club with phenomenal gca bona fides. A fantasy, to be sure, but one can dream...