But isn't the IRS knocking in a few years better than the IRS knocking THIS year?

IANAL (or a CPA), but it seems like a good-faith attempt to invest in an OZ should not incur penalties later. Disclaimer: you are taking about the IRS, so logic/fairness may not apply.

Also: why would personal investment be against the spirit of the OZ legislation? It seems to focus on getting the property developed, not why it is developed.