Certainly the restoration of the 3rd hole alone would be a important accomplishment - bringing back a lost note in an architecturally significant American masterpiece.
I am not sure this is possible as:
1) Where do you put the cart path on 3? I have walked 90+% of my rounds at Yale, but carts have their place at Yale. At the very least, older alumni want to play the course when they come back.
2) Drainage - Not sure about re-setting the green near the pond, but my guess is there would be issues with drainage, especially in the Spring when the Yale Golf Team needs a relatively dry course. I love MacRaynor too, but drainage in the rocky hills of Connecticut was not their forte.