@Ed_Obermeier , @Edbrazil , @lcarnes , @wish,
So here's the summary of the condition of the course as best I understand it:
PVC - Great shape with no obvious bending, full of mud
PVC-to-Cable Connections - non-stainless bolts which are rusting through, washers are gone
PVC-to-PVC Connections - same non-stainless bolts which are rusting through, washers are gone
Cable-to-Cable Crimps - Appear to be in good shape, unknown material
Stainless Mainline Cable - Does not show any rust or obvious degradation
Buoy Ropes - Good to go
So overall not bad. We are currently in the process of replacing the PVC-to-PVC and PVC-to-cable bolts which are starting to rust through with stainless replacements and stainless washers. This is likely what caused the PVC at 3 ball to fail when raising it. The buoy ropes are attached directly to the through-holes in the PVC, so there's nothing to replace there.
Also, the reason the course is currently sloppy is likely because the water level is down about 4 ft (currently at 6 ft, averages around 10 ft). This is just a hypothesis at the moment, but seems reasonable to me.
Not bad for a 37 year old course that's been lying on the bottom of the lake for 11 years.
Oh also, of all the great suggestions in this thread on how best to raise up the PVC safely, it seems the method of choice ended up being dig it out of the mud with hands!