According to Chip Zielke in his books "Revolutions I" and "Revolutions II", the relationship between pin placement and your grip centerline - the line drawn from the midpoint between your finger and thumb holes and your PAP (and NAP) is as follows:
The further "above" (towards above fingers) the centerline the pin is placed, the longer the ball will take to roll up. The closer the pin is to the center line - and indeed if the pin is placed below the centerline (towards the thumb) - the pin is placed, the sooner the ball will want to roll up. So up = later roll, down = earlier roll.
Chip also states what Excaliber does about being careful placing the pin too low - it can cause the ball to track over your finger holes, thumb hole, or both.
I'm also a high track player (my PAP is 6 inches over and a half inch up) and have two balls drilled with the pin about a half inch under my ring finger - which basically puts the pin 5.5 inches from my PAP and 2 inches above my grip centerline. The net effect for both balls (coverstock + drill) is good length with a smooth, controllable break point. I much prefer this over a ball with good length and a snap/sharp break point - especially when bowling on tough/tight conditions or on conditions where the pattern is breaking down rapidly. (I'd rather leave a 2-pin than a 4-6 any day)
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(c) Copied Right! 2003 Knarly Stuff Inc.