Peter, I think the answer to your questions mostly comes down to who the course is set up for.
For just about everyone except top elite players, the course as originally set up probably worked better. Compared to now, there was more room to hit your ball. Less chance of losing it. Still plenty of challenges, but less penal, with more reasonable green speeds, less water (and more bailouts away/around it), fewer traps, fewer punch-outs due to nearly nonexistent trees and rough.
The guy often considered the best architect ever designed it -- a guy who also designed two other courses usually counted among the five best ever (CPC and RMW). The best golfer of the era helped and advised him. They aimed to build a course that suited all class of players. Sounds to me like they achieved their goal admirably, at least for the game back then.
Today's top pro game is a different story. The original ANGC would be too short for them. They would drive several par 4s (3, 7 and 10 leap to mind), and have wedges or short irons into every par 5. Par for them would be around 65. We'd see some scores in the 50s.
Since the course is mostly a tournament course for the world's elite, 99% of the changes have been made to keep it competitive for them. I've never played ANGC, or seen it in person, but my sense is those changes, while probably necessary for the Masters, have made the course harder and less inviting for average golfers.