I agree with Mike Malone that the design intention was to hit a long approach from the short side of the creek. At least one drawing iteration of the hole indicates that the tees were meant to be right of the current tees so that the hole plays more like a dogleg right. This meant that the carry of the creek on the right side was 270 yards and on the left an unmanageable 300 yards. I'm not sure the hole was built this way. With the fairway starting 20 yards on the far side of the creek, I don't think it was meant to be carried.
However, the way the tees are oriented today and the creek positioned, I feel very strongly that the tees should be moved back to create a go/no-go determination on the tee given modern golfers, balls and implements. I like the long iron/fairway wood demand that Flynn intended, yet given today's game, I don't think it is there for the best players yet it is still there for shorter players whether or not they are playing from what would be a new back tee.
If the tee is moved back approximately 25 yards the current carry to the right side of the second fairway would be 260 yards rather than the current 235 yards to clear the creek on the right-most line of play and 275 yards to reach the current start of the second fairway. As Tom Paul rightly suggests, the fairway should definitely be expanded back to the creek with the result being more temptation to try and carry the creek thus bringing the creek into play even more. Trees could come into play from the right side with right side pin positions. There is a nice distance differential as Tom also points out. To clear the creek on the left side, the carry is currently 265 yards and would be 290 with a new back tee.
Mike has to someday realize that it is not always a good idea to go back to the original intent if the original intent cannot be returned given ground constraints and today's game. The better players would still be able to challenge the creek even with a new back tee and that's a better concept given that the approach from the original LZ is also affected by the modern game and most good players would be hitting a 4 or 5 iron into the green and not a fairway wood or 2 or 3 iron. Mike tends to like variety for variety's sake and a dedication to going back to original intent even when it isn't clear what that was (he divines it somehow) nor appropriate for today's better players. It should be satisfaction enough that the majority of members still play the hole the way it appears to be designed.
With today's distances, the creek is currently easily cleared by most low-handicap players and should be challenged from a bit further back. The good news is there is room to do this. The average club member cannot fly the creek from today's member tees, so a new back tee would only benefit players of state amateur quality. If the club wants to spend the money to build a new tee, I think it would be for a very small segment of the playing population, but since it ain't my money no mo, I think they should do it.
Here's one of Flynn's drawings for the hole: