With respect to Finkbine, I'd be surprised if much renovation is done in the near future. They had an extensive re-do of the greens not that long ago and, going back further, the fairways were converted to bent grass. I'm guessing it does pretty well with local play plus university events. It's a must do for me every time I return to Iowa City.
Like Jason, I wouldn't rate Finkbine as any kind of architectural gem, but I very much enjoy playing it. While I admit to some nostalgia (in my day, $7 student rates at twilight!), it holds up to provide a nice day on the course, particularly in autumn.