What if NASA followed Prof. O'Neill and the L5 Society?

I wonder if the ideas that Prof. O'Neill and the L5 Society had be
implented and start on the timeline they wanted (i.e. colonies at the
L5 point by 1995 hense the society solgan "L5 by '95")? Could it even
be done? Would have been disirable?

I personally feel that might not have gone as well as O'Neill and the
L5 (of course not: history NEVER follows anyone's plans). The
creation of colonies in space during the Cold War would have made a
new front in outer space. And war would be fought over who controled
GEO, as it where all the SPS, and therefore the electicial power
supplies, are located.

(CROSSPOST SSI_LIST, HOWTOBUILDASPACEHABITAT)