There are enough holes with the existing courses to put one together and if a true "executive" course were desired, there could be a couple short par 4's included in lieu of a couple of the par 3 holes.
I lived in south Florida for a few years and there were quite a few executive (i.e. par 3) courses down there that were a nice option if the higher profile courses were too stacked for tee times on the weekend or if I just wanted a quick hit in the evening during a work week. They allow for some really good par 3 practice and as stated above, with an odd par 4 thrown in can also make for some interesting rounds with some friends.
This would be fun as an option for a skins game IMO, or just to dial in a new set of irons.
Just a thought.