You have 12 who can "impact" a top 5 program. How many will ND take in a year? 2-3, maybe 4 at most? Also, those are the players who can "impact" the team, but that doesn't necessarily mean that you have to have all players like that. You can have some that are "diamonds in the rough" and "role players" as well.

And as you pointed out, the talent depth is greater now than it was 17 years ago, and ND's position as far as program reputation is in a lot better place than it was back then.

You can't slack off on it, but the situation isn't as bad as it might seem as far as the talent pool available is concerned. Generally female athletes tend to take the academics a lot more seriously. The last few years has helped make things a lot easier for McGraw, because she can now say "Yes, you can definitely win a NC here." It took a lot of hard work on the part of her and her staff, but that work is starting to pay off in spades.

..who MM & Niele are able to go after.

Without naming specific prospects (just go to the Top 25 of Hoopgurlz or Prospects Nation), you can probably take a guess who could qualify for ND by comparing some of the other schools that are after these prospects.

And there are probably a number of prospects that need to be tracked to see if their GPA's or specific course loads match the requirements of ND.
The "behind the scenes" but essential part of the recruiting.

I think it's one reason why a core group of players is consistently in the news; how some might be seen early in the process, then disappear; and, of course, how some never get discussed.

To some degree, makes the whole process even harder and more competitive.

So, yes, I think it is still a very important and limiting factor. Of course, I can envision the better the athlete, the more relaxing of the standard…to some extent. Here is Muffet talking about what she looks at in a recruit:

I've referenced it before and likely will again. What this video reveals about Muffet McGraw Is the principle reason I follow ND women's basketball.