The responses I see are consistent with what many of my playing partners have observed about themselves. The definition of "moderate" is probably the most important factor. I think the only real danger is "over-cooking" oneself as @MS256 mentioned in an earlier post.
This article seems to indicate that muscles and bones are affected negatively, while the nervous system has a slight positive effect. http://www.nutritionandmetabolism.com/content/10/1/71
Another article seems to indicate that it does, in fact, enhance archery performance: http://www.acsm.org/docs/current-comments/alcoholandathleticperformance.pdf .
The reason why it works for archery is that the release in archery is the act of relaxing the finger muscles the same way every shot. However, it is banned as a PED by Fita (Like a "USGA" for archery) and the Olympic committee.
I am not sure what it would improve physically in a golf swing, other than make the golfer happy and relaxed.