Richard,
You're mostly right about PD's 14; that's where my wheels started coming off in my match with Reef and I shanked my 9-iron. In prior rounds, I've hit it right and made double. But in my final round on Monday afternoon, I punched a little 8-iron into the 10 mph W/SW wind to 15' and made my only putt of the Bandon trip. One can miss left and it is a short hole so, it can't be my most penal.
I have a bit of a brief but infrequent history with CPC's #16, taking enough total strokes that would suggest more than double the rounds that I've actually played. But the difficulty of the hole is more due to its reputation and the silly rule, in my humble opinion, that the ocean is a part of the course (no boundaries allowing a drop where it crossed).
My candidates for most penal par 3s are all from the great state of Texas: #2 Austin CC; # 4 Horseshoe Bay Resort- Ram Rock; #15 The Cliffs at Possum Kingdom. Honorable Mention goes to #s 12 and 17 at Stonebridge Ranch CC (Dye). All have water guarding the greens, wind and elevation change affecting club selection, and difficult green complexes often draining into the water features. Length is a factor, but the tightness created by the water is the defining feature. Sorry I don't know how to post pictures, but they wouldn't do justice anyways to just how terrifying these holes are, particularly in competition.