Jeff,
I see nothing wrong with a hole the way you describe it. The thing is, without a severe hazard near the green, chances are the player will make a four from near the green even if he misses his drive. So there is really no strategy off the tee: bash it, find it, then it's a short game test. Again, nothing wrong with that, but no real risk-reward strategy.
Phil,
At the other extreme of Jeff's idea, I'm not saying you need some island green surrounded by water and fire and dragons to slay. As you say, no one would go for it. Just close enough to such a hazard to make it a risky play, but with enough room to tempt him. But for strategy to exist, the player needs to be placed in a situation where, if he misses his drive, he's likely to shoot a higher number from near the green than from the lay-up spot. That requires a pretty severe hazard.