Interesting question, and one most gca's probably think about on their down time.
Not sure I have my "long par 3 philosophy" down to a tee yet, but I have a few favorites among my designs.
I like the 4th at the Quarry - 261 yards from an elevated tee (middle tees much shorter) with a small green, liberty bell shaped (planned on paper right after 9/11), wide open in front, bunkered to sides and back. In other words, you bust a 3 wood or driver, but can roll it up on the green.
Of course, perhaps the best long par 3 is really just a short par 4 with an option to drive the green (like 16 at CPC almost was)
One theory of long par 3 holes is that it's the only place you can really test the long hitters, and since shorter hitters are less likely to reach the green (even if the second and third tees are 230 and 200 on a hole this length) that it's a good place for a smaller than usual green that doesn't affect average players too much. (The wide open front allows a fairly straightforward pitch. If we really wanted to adapt it to everyday play by shorter hitters, perhaps much of the area surrounding the green could be fw cut chipping areas, so a small green with a big gentle miss area.) I think C and C have one of those on their Bandon course. 16?
I'm pretty well convinced that the CBM Redan and especially the Biarittz templates probably work better on par 4 or 5 holes, as well as the Ross reverse slope green at White Bear Yacht Club. I also doubt they are good water holes, in general, even with CP16 proving me wrong. (again, no ocean to compensate for difficulty)
But I have built a few 200+ yard Redan par 3 holes. If those work, it would be on a long par 3, providing enough area out front to bounce it short and roll it on (any shorter, and good players will simply play more spin on an aerial shot) The longer the better, and if they play straight downwind, it gives more incentive to roll one up rather than try to stick the shot for them.