Original sentence: (The latter often seems wrong to those who view well-known as a compound adjective, as it appears in most dictionaries, while the former often seems wrong to those who view well as an adverb modifying known, as its structure suggests
Edited sentence: (The latter - which is the only correct version - often seems wrong to those who view well-known as a compound adjective, when it is simply an adjective modified by an adverb, while the former - which is always wrong - seems correct to those who erroneously do not recognize that the construction is simply an adjective modified by an adverb, whether a hyphen is present or not