I actually played Timber Point 2 or 3 times this summer, and the issues with renovating Timber Point are:
1) The William Mitchell course today is honestly pretty good. Not in a GCA way, but certainly for Suffolk County residents who play there. Doak 5 with some amazing holes and views to help some of the Plain Jane holes.
2) Suffolk County owns the course, and it may include The Hamptons and such, but they have real budget issues like every municipality/county these days. Would they sell it for the right price? Sure but...
3) Hurricane Sandy (2012) would give anyone pause to spend money on any permitting and then capital along the Great South Bay (Timber Point is not on the Atlantic Ocean). It got wiped out during Sandy.
Sorry to be again be a wet noodle about Long Island golf, which I love.