This situation came up earlier in the year. My foursome got stuck on the furthest hole on a 36 hole course. I grabbed the card as soon as it was post and made the long 2 mile journey.
On my way I stumbled across another member of our card along the way. We heard the two minute call and we still about 1/2 hole away from our assigned tee pad.
When we arrive another member of our card was sitting there alone, worried and waiting for us. We took the long way I guess. But another member of our card was missing.
You ever notice how the top card never starts the furthest away?
Shortly upon our arrival the start signal was given. I asked the other members of the card if they had any issue giving the 4th the another minute or so to arrive. We all agree to my suggestion. And low and behold he showed up in a frantic state.
It is amazing how much Sportsmanship and Courtesy can go into the implementation of rules. I have never seen anyone penalized for displaying those two qualities.
And of course no two situations are the same. It is amazing how far a minute patience can take you.
Yeah.....this is a brutal penalty. No competitive advantage to rolling up, in a panic, a few minutes late. I am about the rules, but players are not generally late, because they are screwing around. Usually is a hole confusion, difficulty finding the hole or a long walk. I would encourage a bit of foot dragging to start with and let the player tee off last. Also how most of the GM's I play with would do it.