Matt,
The 8th at Pete Dye Prom is still a neat golf hole, just not one of my favs. I should qualify this with the fact that my two favorite par 3 golf holes are both over 210 yards long, so I don't think I have much anti-distance bias going.
That being said, whether one has the shot in the bag for the 299 yard tee or not, of which I cleary don't, it doesn't change the fact that the target is way too small to call it a true par 3. In the end though, it doesn't really matter because par is arbitrary.
As for me, I will glady walk off that hole pleased with a 4 or less, even from the 220 tees that I played it from.