I thought the main danger, and reason for evacuation, was a potential uncontrolled failure, due to headward erosion, of the emergency spillway dam structure. (Thats the structure between the regular spillway and that parking lot)
Yes -- which would only result in the loss of control of the amount of water above the level of the bottom of the spillway, or the bedrock under the spillway. That's maybe the top 30 feet at the most.
While that's still a lot of acre feet, and it would create a 'wall of water' situation in the first surge (hence the evacuation), it's not as significant as the dam failing and the entire reservoir emptying through it.
https://twitter.com/TaberM_PE/status/831149440262164480