Is there a "correct way" as this seems to be an idea someone dreamed up... I'm not sure I want my plates, knives, forks, etc covered with plasticizer (as we have found out that oil really doesn't come out of balls when heated, but rather some substance used in the manufacturing process)...
But anyway, supposing you still want to try it, I would recommend somehow plugging the holes (finger, thumb, balance, etc). Maybe with tape... maybe with rubber stoppers, just something to keep the excess water out. I would choose the shortest cycle (as I believe the temperature inside a dishwasher is well above any recommended temp for extraction). Turn off the drying heat and remove the ball as soon as its finished.
If its a ball that you like, I would personally recommend splurging for $20 and have it done in a proshop in a rejuvenator.. or for a litte more cash, buy one of the products specially designed for this (Columbia's CPR or Ebonite's hook again).
S^2
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Strapper SquaredNFL Draft coming up soon... who would you take?
I vote for this guy:
http://proxy.espn.go.com/nfl/draft05/columns/story?columnist=mortensen_chris&id=2025109