I think it is very possible to design a course that it challenging and accomodating to most levels of golfers (the only ones I'd leave out are absolute beginners).
I don't think it's possible to do so in a desert setting, if there are turf restrictions.
Lots of width, difficult greens, penal bunkers, no water, no OB - these are things that challenge all levels of golfer, without offering the multiple reload of courses with no width, lots of water, lots of lateral hazards like rock strewn desert.
Courses like Augusta (pre Tiger-proofing), Pinehurst #2, Oakmont, probably a lot of overseas courses, RMelbourne (from what I've heard and read) - these are courses where the better golfer is challenged by the greens and general topographical contour, but there is minimal opportunities for losing balls, which is the bane of the high handicap golfer, IMHO.
The Rawls Course fits this description as well. I played it )poorly) and had a lot of fun, didn't lose many balls, and yet the low handicappers that I played with worried that the severity of the greens might mean that the course would be too difficult and not as well received by both better golfers and lesser golfers.
No high handicapper will shoot a remotely respectable score on these courses, true enough, but he can have fun. And occasionally some hot tour pro might throw up a low 60s round if the conditions are right. So if your definition of designing for different levels means "Can you design a course that is difficult for the low handicapper and easy for the high handicapper?", well, no joke, that's impossible, but I think it's more than possible to design a course that is fun for all levels, except for the absolute beginner (who probably shouldn't be on a full size course anyway).
I think most low handicappers do not understand what high handicappers find challenging and enjoyable. Heck, I know this to be the case, just by reading the posts on this site - even this erudite bunch doesn't generally understand the high handicapper and his (lack of) game.