CG position only has an affect on symetrical weight block balls. The 2 layouts you decribed would and should have different reactions based on the CG location relative to the center of your grip. Putting the CG in your palm is going to make the ball very stable and a smoother reaction. Putting the CG kicked out is going to make the ball more dynamic down the lane by putting the weightblock into a wobble (for lack of a better term) which is going to make it store energy and those travel further down the lane with a more skip/snap reaction then the other drilling. All the weighthole does is bring it back to legal stats. So CG location on symetrical balls has an effect on ball reaction, it does not play a part in the reaction on Asymetrical balls because the placement of the Marked Mass Bias does that part. The CG location will help you determine how much weight you need to take out. Static weights don't play a part in the reaction anymore due to the shap of cores. I personally, still shot to have certain finger/thumb/side weight in my equipment just out of habit and for my own knowledge.
Weightholes do in fact influence flare in balls. Any drilling instructions now tell you the weightholes placed here with increase flare, etc, etc. I was taught that weightholes on your axis point decrease flare and mellow the reaction out which is true and weightholes placed inside your axis point increases flare which is true because if I want to achieve this look, I will place the weighthole accordingly.
But for the majority of the time now, weightholes are used to make the balls legal.
Happy Drilling!!
