The One China policy is less to do with geostrategic necessity and more about domestic political chest baring.
Susan Shirk has noted in her book China: Fragile Superpower: "The roots of the Chinese fixation on Taiwan are purely domestic, related to regime security, not national security. The [Chinese] public cares about Taiwan because they have been taught to care," by the party.
Oh, one more comment from me: it seems pretty clear to me that China's obsession with Taiwan isn't about national security. It's about China's own self-image. It's about "face" on a wide scale -- and also about its own domestic insecurities and desire to throw its weight around.
Of course, China's going to obsess about Taiwan in unhealthy ways, and of course it's going to whip up Taiwan-centric emotional garbage among its populace whenever it can. The result is, on a personal social level, the creation of insulting yet defensive discomfort and a total inability to depart from state propaganda. Oh, I could tell you stories. In fact, so can some of my relatives. The short version of a phenomenon that repeats endlessly:
~Happy polite Taiwanese-American meets someone from mainland China.
~Introductions and pleasantries are exchanged. "Hello, nice to meet you, etc."
~Chinese native then asks, "Are you from China?"
~Answer, given cheerfully with a smile: "No, from Taiwan."
~Chinese native immediately becomes emotional, hostile, and angry and begins to shout: "TAIWAN BELONGS TO CHINA! TAIWAN IS PART OF CHINA!!!"
~*Sigh*
~Well, this is no way to foster better understanding!
I add a moment that happened to me at school some years ago, after the standard exchange outlined above:
~Chinese native: "Do you speak Chinese?"
~MM: "I speak Taiwanese at home."
~Chinese native: "That's not a real language!"
~MM, feeling insulted: *turns around and leaves before she says something rude*
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