Wayne, here's a takeoff on the index you suggested.
Start with the course rating. Divide that by the greens fee. Multiply by one hundred (to make the numbers easier to read). The higher the result, the better the value.
For example, Pebble is rated 9.07. Greens fees are, what, $450?
100 x 9.07 = 907. 907 divided by 450 = 2.02.
Compare that with Bethpage Black. Rating is 8.02, and resident greens fees are $41. 8.02 x 100 = 802. 802 divided by 41 = 19.56. Non-resident greens fees are double, so the value index is 9.78 for non-residents.
So according to this index, BPB is nearly ten times the value of PB for residents, and nearly five times greater for non-residents.
One flaw here is that the ratings are not really quantitative. i.e. we can't say a course rated ten is twice as good as a course rated five. Also, what counts in the end is how each golfer personally values each course. For some people the experience at Winn may indeed be worth the stiff fees.