Blake,
In this case, and from my perspective, yes it does. Why?
1. In this economy, when I look at this type of project, I have to work backwards, starting with what $$$ would be required to care for a course on this land. There are no courses on pure sand within 75 miles that I know of. Why does that matter? because in this climate with the heat, sun, and abundant rain, growing grass is not the problem, growing good golf turf for a reasonable cost is the challenge. I think this combo of sand, climate, and water availability represents a course that can be very reasonably maintained - 9 holes, 50 total acres, 2 acres of greens, the rest cut at 1/2 inch with production mower, bunkers built with native sand, estimate maint budget 250k.
2. Even though there would be significant clearing costs, the abundant rainfall, high quality rootzone materiel, and shallow aquifer, means a minimal irrigation system could be used. After that, construction costs would be minimal since no material needs to be imported. Grass farms that supply most of the country's Bermuda golf turf are all with in 30 miles.
3. Even though the topography may not be "great", it is good, and a well designed "good" golf course is miles better then most everything else in the region.