I suppose it could....The overhead being centered over a table creates the center reference on the ball....perimeter lighting would be random I suppose...but still consistent for each table...so once you dial in a reference point you are good to go (for that table)Can this technique be modified or adapted to the different kind of reflection you get from a perimeter light?
The centered light is best as it gives you a consistent center ball reference aim point from anywhere along the break line.....Perimeter lighting may not give you a center ball reflection...but it still will be a consistent point.....unless you are playing in a strip club and the lights overhead are moving.