Yes, you can still use it on anything newer.  Putting the pin 2" from your PAP is a control layout.  I typically use it to tame down the "wet-dry" or older wood lanes.  The ball still moves, just no surprises.
 
You could certainly use it on short oil because the ball will be more predictable once it exits the pattern.  Also, with the surface dull it will respond to friction (change direction) a little slower, which also keeps it from getting you into trouble.  As long as your carry is good it's a nice layout.  If carry suffers then try tweaking the surface with a compound or polish.

I have an old Brunswick Rhino Pro that is drilled with the pin about 2" from the pap.  This ball will handle fairly heavy oil, gets good length and probably hooks as much as anything else I own which includes a Mission and Mission X.  The surface on the ball is around 1000.

From what I've read this is a drilling for short oil and/or drier conditions, however, that's not the case for me with this particular ball. 

Would this drilling work on some of the newer balls or is it particular to older equipment?  Does anyone have a ball drilled like this?

Any opinions would be appreciated.

Even though I only have one ball with this layout, I love it for tournaments and even house shots on the fresh.  I am in the process of doing something like a Freeze Solid or Hybrid with this same layout.  The is the one time where you can polish the ball like a marble and not have it over-react off the friction.  I think it is an absolute must to have in the bag at all times.  I would take almost anything low end and put this drilling on it.  I would leave the Rhino Pro as is (1000) and drill up something else with the same layout.  That way, you have something for longer patterns and something for shorter patterns and/or drier lanes.  For control....I much prefer a ball polished with a 2 inch layout than a ball with the pin at 4-5 inches and with surface.  Thats just me though because of my rev rate.