Pat,
I thought about this for a while and I think I can sum my thoughts up as this.
On public courses, which generally get a lot of play, less water is probably a good thing. Overwatering can just destroy greens when there is a lot of traffic. So, perhaps a drought would be good.
However, on private courses, I dont think it really matters one way or another, because with smart members, the course should always be in great shape. Of course, if the course has severe greens (generally I've seen more severe greens on private courses), a drought could be bad, just because the greens could get too fast.
So, I guess it really depends on the type of course.
Cheers,
Jordan