I dont think it would speed up play that much for most players. Look at Rickie Fowler, he has to calculate yardages and plays plenty fast. Jim Furyk doesn't really need yardages for putts and the guy takes for freaking ever. Most of these players have personal sports shrinks telling them what and how to think for every type of shot, and helping them setup crazy pre-shot routines. I'm not saying this doesn't help certain players, it very well could and probably does to some extent. However, I think for some people they are going to take as long as they can get to take a shot, give them more time and they are going to use it.
If you take the yardage calculation out of it, just give them the shotlink data on the course. At least then they might be able to get their number before they get to their ball, and the small number of fast players can play faster (even though they'll be slowed down by their slower playing partners and groups in front of them).