Derek, I agree with your thinking as long as the contours feed the ball into several spots due to both divot and drainage concerns.
My old home club in Australia was built on sand dunes, is blessed with GREAT topography with lots of nice little rolls, and consequently, the need for fairway bunkering was minimal. However, one of its wildest fairways (the 5th) tended to funnel tee balls into a similar area, though drainage wasn't a problem given its sandy base.
Newcastle doesn't get much play by American standards but if it did, landing in a divot on that hole would be a relatively frequent occurence, I imagine, and I don't think many US public/resort course operators would want to hear the frequent resulting complaints.
But at a private club with limited play, the 5th works beautifully and has long been recognized as one of the great, unique holes in Australian golf.