An intriguing question, full of twists and turns.
In short, I would vote to do nothing as I judge the odds of an overall better course being the result as less than 1 in 10.
On the one hand, Braid did his customary two day stake job, so the green complexes could be likely improved upon. And the course has plenty of room and probably several new tees should be added to help insure that the player needs to hit a full variety of clubs/shots into the greens. In addition, several well placed bunkers might help, though the EXCELLENT topography makes the need for bunkers less of a concern.
However, in terms of major surgery, I don't see the need as his routing is first rate, with the very good holes evenly spread throughout the course (3,5,8,9,10,11,12,13,14 and 17). In general, Braid's routing took full advantage of the natural contours, at least that is my recollection. Any drastic change in routing would jeopardize one or more very good holes (i.e. there is no weak 3 or 4 hole stretch that could obviously be improved upon, with the 1st and 16th the only real candidates). For instance, Rich, when you suggest combining 17 and 18, well there goes one of the all-time great links holes in the 17th when you do that.
I vote to leave it alone.
Cheers,