JC - wow - that was well-said and I am cracking up!
Ok, how's this: my recollection is that one of my rounds there with my family group, my Dad did hit it into that crevice. He plays by the rules as much as I turn away hamburgers and beer, but we do have a fairly serious, bragging-rights match amongst us, so he did ask all of us what he could do. Me being the only one in the group with even any rudimentary knowledge of the true rules of golf, the question went to me.
My answer?
Well, just to be safe, don't ground your club. It might be a water hazard, might be a bunker, so what the hell. I'm not really sure. But let's not give them any excuses to penalize us (Dad was my partner - all sorts of concurrent matches going on, match play, stroke play, total strokes and better ball - we're weird).
That's all I meant by how to treat this.
So my Dad didn't get to consummate his relationship with golf that day. But we sure as hell moved along and no advantage was gained either way. If we cared more about the rules as you do, well we would have discussed it later. As it was it was water under the bridge by the time his shot was hit.
TH