andrae,
this was most likely a pin on PAP drilling for the original owner of the ball. without knowing where your ball track is at release, it is difficult to tell if this drilling will work well for you or as you intend it. holes near the bottom of the ball were common in the early 1990s when this drilling was more often in use. if your track is similar to the original owners, you will most likely not hit it.
placing the pin near the players positive axis point will reduce track migration severly, making the ball track much thinner in appearance. this will help the ball go straighter through the front part of the lane and hook smoother when it encounters friction.
--------------------
good luck and good bowling.