No, I wouldn't hedge. Three strokes in the Open isn't too much, but his game is great for the course. Take your chances, I am not sure how you could hedge anyway.
I hedged (sort of). I bet $100 on Furyk at 26-1 before the tourney started and picked up 8 shares of Furyk at $5 early also. I decided to sell those 8 shares for $528 figuring I still had the $2600 if he won which was enough incentive.
Actually that's the only way you can hedge - sell shares of furyk at wsex, tradesports etc.