Getting back to the question at hand, here's an aerial of the location Grey was discussing:
This is really the only dramatic spot on the clifftops out at the Sheep Ranch, and pretty much the only place where you have a view down to the beach and along the coastline. This might change if the cliff top edge is cleaned up, but there are no cut outs in the cliff top like at 16 at Bandon or 11 at Pac to add some texture, and no dunes like 13 at Pac to create a theater.
[As an aside, everyone keeps talking about how this is an amazing piece of land for golf. Not sure if I agree as other than a few small elevation changes, the property is relatively flat and doesn't contain anywhere near the types of landforms found on the other four courses at the resort.]
If a new course gets built here, 5 Mile Point is going to be the focus point. Right now you really have three options for playing to the green.
(1) From the North with an approach cutting over the cliff edge. Its an awesome shot, but partially blind. Don't think the land forms would really work for a par 4 coming from this direction.
(2) From the East, over the big mound as a completely blind shot.
(3) From the South, not quite as dramatic as the shot from the North.
It would be cool to see two greens occupying this area, perhaps as the penultimate hole on each 9 before turning back inland, but I'm not sure if the space would safely allow it.
If it is just going to be one green site, then the question becomes direction of play. With the predominant summer wind out of the North, making it a one shotter playing downwind with the cliff behind the green seems a bit extreme and a waste of an opportunity. And any approach from the South to the green is going to have a quartering wind into you driving the ball towards the ocean. Wherever it is played from, the next tee is going to have to be safely located a good bit away from the green (the primary safety concern on windy sites), meaning it would be hard to use the point for both a green and a teeing area.
Or they could just build the long discussed steakhouse here, and screw using the point for golf.