Lloyd,
I'd disagree with you on both Five Farms and Baltusrol Lower.
Both are excellent golf courses.
Baltusrol Lower played from reasonable tees is a terrific golf course, and I'd be happy to go through the course hole by hole with you. The same can be said of Five Farms, although I've only played it a limited number of times, whereas, I've played BL close to 100 times.
What has happened, and continues to happen to Baltusrol Lower is that it's altered for the purpose of hosting Major Golf Championships, and many view it solely in the context of its ability to challenge the PGA Tour Pro (read length), while abandoning the perspective relating to the pleasure derived from daily play by members and guests alike.
As to the title of your thread, a simple review of AWT's body of work in the Metro NY area alone would lead one to conclude that his work is far from overrated. His work was superior, and, has passed the ultimate test, the test of time.
In addition, I don't know of one AWT golf club that is in membership/financial trouble.