Generally, par-5's are good holes to be aggressive on. There is a very, very strong correlation between going for the green in 2 on a par-5 and par-5 scoring average. The higher the percentage of go for its, the lower the scoring average *tends* to be on par-5's.
Obviously, if you have water that covers 60 yards and is just short of the green and requires a 260 yards to carry it and you only hit your 3-wood 235 carry...going for it would be a dumb move. So it's got to be a 'legitimate' go for it.
This 'laying up so I have a full shot' is often...for the birds.
Why?
Look at how the PGATour.com Web site's defition of how they define a 'go for it' on a par-5. It says that they define a 'go for it' when the golfer's 2nd shot winds up 30 yards from the front edge of the green (and if they hit it in the water).
So, you could have a hole where there's no water...have 280 to the pin, but hit it 235 and be considered to have a 'go for it' because you are within 30 yards of the green.
The point? The correlation between 'going for it' and par-5 scoring average is so strong that you're better off...on average...having that 45 yard shot into the pin than laying up, having that 'full swing into the flag' from 92 yards (I made up that distance).
I have a hole at one course I play where I'll have 230 yards into the green on my 2nd shot on the par-5 15th hole. There's water that hugs the left edge of the green. It's not 'wide open' right of the green, but you can hit it over there. If I have a decent lie...I always go for it. I can get my 20* hybrid there, so distances is not an issue. It just required an average swing for me. Which can still get me into the water if I over-draw it. But, in the end...the odds work in my favor.
Think about it. If I plunk it into the water...the drop is up by the green. Even if it's a drop that is 100 yards away...I can still make par and it's not impossible. And I probably won't do worse than a bogey (we don't want bogeys, but they are not the end of the world).
But, if I don't go in the water, I often have a shot at eagle...a good shot at birdie and just about eliminate the chance of making bogey. Again, if I played that shot 100 times, I'd make out better than if I didn't play that shot 100 times.
So...it's good to be aggressive on par-5's. I'd have to see the hole in question, but I look at it like I want to be aggressive on par-5's when I *can*, but I'm not going to be stupid. I'm not going to hit a shot that has a 20% success rate.
Also, I might experiment with finding a different way to hit the driver for that particular hole. Much like Tiger would hit the stinger back in the day. I may take my normal swing, but tee it extremely low, hit it low because the attack angle is downward...watch it not carry as far and spin more.
If that doesn't work and it's 3-wood off the tee...I just play for par. I don't have to birdie a par-5. Bubba Watson is probably the greatest par-5 player in the world and he only averages about -2 on the par-5's in a round of golf. Try to remember that you can't have a career round because of one hole, but you can have an awful round because of one bad hole.
3JACK