Ben,
Can't speak universally for the Golden age guys, but I swear the same shaper did 10 fairway at Beverly and 2 fairway at White Bear for Ross. Those slopes, both where Ross cut through a hill, are eerily similar.
On the other hand, at White Bear and even Langford's Wakonda, I have seen walk bridges over deep ravines that would be hard to walk, and therefore, am under the impression that this might be the preferred method to keep golfers on the high ground. Those narrow walk bridges would be a neat feature on a new course to give it an old feel.
As to leveling the plateau, it sounds very feasible, not having seen the site. The only area of concern would be not reducing flow of the stream and flood plain by narrowing, if a flood plain especially if regulated.