Ok, it sounds like the thumb hole could be too big or has too much reverse pitch. You can try adding white grip tape to the hole until you're no longer dropping the ball. This is probably why you're lofting the ball. You're having to squeeze the ball or knuckle your thumb to keep it from falling off. With a proper fit you should be able to reduce grip pressure and have a snug thumb hole which will allow the ball to release from your hand with no effort.

been there, done that.....
for me, it was my grip, span was to short, and thumb pitch was wrong.
by being to short, i had to squeeze the $hit out of it, causing loft
since my grip is now correct, i don't have that problem anymore. there are other problems to deal with....