Chuck,
I find that the grip you're describing works best for me also. I have experimented with other grips and usually come back to this one. The only difference with me is that I try not to tighten my grip at all, even for the break. 99% of the time, my cue doesn't leave my hand. If you think about it, the impact of the tip on the cb is helping to keep the stick in your hand. I find that the cue stick being sent on it's path much like a thrown baseball or a dart even, gives you an incredible amount of action on the cb. I don't think you can get the cue stick moving faster by holding on to it than you can by throwing it. But, that's why I started this thread, I want to hear what everyone else has to say about it.
One more thing, I started choking up a little on my cue so I have more cue to throw out before the butt end shoots out of my grip. Like I said, I've only lost my control of the cue less than 1% of the time and it's getting less and less as I get more and more used to this stroke.