I'm certain there are others here who know far more than I about this, but years ago I practiced at a range that used "floater" golf balls and had a pond at the end of the range. The pond was only reachable on a really well-struck driver anyway, and the balls were obviously lighter and had somewhat restricted flight. Fwiw, the ball flight seem "accurate" in terms of curvature and trajectory, and the distance difference was really only on the longest clubs; short irons seemed to go almost as far as with a "normal" ball.
So I suppose it might come down to what the purpose of your range is? If it's primarily for pre-round warmup, then the restricted flight option might work. But if you get lots of more skilled players who want to work on their games, then not so much.