Yes, I have used those different positions. If you need to throw with a slower speed, place the balance arm hand in front of the ball, with the palm facing back towards you. This will limit over-extending the pushaway.
For moderate speed, place the balance arm hand on the side of the ball, with your palm facing the right wall (for righthanders).
For higher ball speed, place the balance arm hand towards the back of the ball, so that both hands form a "v". This position allows for a full, complete pushaway.
Each position is going to give you a different feel. This technique works best for bowlers who utilized a free (gravity-fed) swing. Bowling coach Bill Hall taught me this technique a long time ago. It still works for me.
Good luck!