Interesting that this has come up these last couple of days. I've been struggling for the last 3-4 months, after making reasonably good progress for a beginner. I've tried to adjust several things that seemed out of whack, with little success.
Just this past weekend, my best buddy (who is also my primary teacher) was watching me, and at one point came out of the chair to take my cue away from me. He was checking the balance point, and then had me move my grip back further on the cue. Sure seems like the old-school description you folks are referencing here in this thread. (Which would be in character for my buddy, certainly.)
The interesting part is that I immediately began getting MUCH better action on the cue ball. Draw was significantly easier, as well as bottom left/right. With far less effort, which should lead to better control. Right?
I haven't had a lot of time to really work with the new (and probably original) position, (one that may very well have changed over the past few months) but when I get back to playing I'm gonna combine that position with Randy's instruction on where my grip-hand is in regards to my elbow. Hopefully it'll be a win-win for position all around, with both you folks and my buddies help!
(And hopefully I'll be back on the right track, with better all around results, too!)
Good stuff, guys. Thanks a bunch!