Rick:
Interesting to speculate, with regards to majors, who might have emerged with more and who with fewer if the hole was larger. I tend to agree that for the very cream of the crop -- Nicklaus, Woods, Jones -- it probably would not have mattered.
But at first glance, I'd think players who were great ball strikers would've won more often, and great clutch putters/short-game players might have won less. I'd put Weiskopf, Duval, Langer, and even Hogan and Snead in the former category -- all had struggles with putting at one time during the peak/near-peak of their careers. In the latter category: Player, Casper, Trevino, Ballesteros.
The two most interesting to me are Watson and Norman. Watson was probably the best putter in the game for several years running during the late 70s and early 80s -- absolutely fearless. Then he really, really lost his stroke, and I think putting alone probably cost him some late-career majors ('87 US Open, for starters). Norman is a somewhat different case -- probably the best ball striker in terms of pure talent in the post-Nicklaus/pre-Tiger era. But it wasn't so much his putting, it seemed, that cost him majors, but his inability to hit crucial shots at crucial times (18th at Augusta in '86, for starters). It's the main reason he has two majors and Faldo five -- Faldo could go around Muirfield, grinding our par after par with wonderfully controlled iron play, and that just wasn't Norman's game. Still, I think a larger hole might have garnered Norman at least another major or two, because he was in contention so many times and lost to some folks with very good short games.