I too have mixed feelings about this news. It is a very decent thing of Nicklaus to do for a friend and for the community. Also, I expect that this is the only way this course avoids stop being a golf course in the near future. I doubt it has made a real profit in many years.
On the other hand, in my teens & early 20s (1980s), this was my favorite public course, and was cheap, but one of the best routings of all the cheap courses in town. There is something to be said about having a cheap course but which is still interesting, and offering some shotmaking challenges. We lose something when those that do not have a lot lose a special course.
But I suspect it went with too little care for too long. Nevertheless, I will have to make one more visit this summer to StL to visit a part of my youth, where I spent many a summer Mondays with friends from the caddie yard, that was often followed by a meal at The Pasta House.
I do VERY much hope the do nothing to change the routing. They can do anything they want to the greens & the bunkering, but PLEASE leave that routing EXACTLY as is.