Jim - Yes its the Players Club, orginally 9 and 11 were par 4 holes, they were 481 and 486 yards, we added about 15 and 10 yards and added a bunker at 9 to tighten the drive. The problem we had with them being long par 4 holes was the golfers got pissed off making bogeys, now a 4 is a birdie and they enjoy it. In the real world of golf, people get pleasure making birdies... so in some respects easy 5s and better than tough 4s. The 6x3s 6x4s and 6x5s do give you a chance though you lose a bit a scope with only 6 par 4s to add easy short 4s.
Par 3 holes dont use much land, 140 yards by 35 yards is just 1 acre a par 4 420 yards needs 70 yards width so it needs 6 acres, so yes and increase in par 3 holes does equal less land. I recently laid out an 18 holer on 72 acres, its a bit tight in a few places but the secret is in 7 par 3 holes, take 7 acres off the 72 and 65 acres for 11 does not seem so bad.
Overall I still think the land should dictate, but if you are looking for a fun course, I like Par 70 with 6 short holes 4 par 5 holes and 8 par 4 holes. Par 3 holes allow fun for all, yet are less birdieable for the pro's so you can still keep a strong course yet playable for more, a course with 6 short holes would be about 15 minutes quicker which is never a bad thing.