Iceman, I've never heard of moving the target as anything more than a visual tool to either help project the ball farther down the lane before it hooks (looking farther down the lane) or to help get the ball hook and roll earlier (looking closer). It's not a technique I often use, but some bowlers swear by it. Have you tried it in practice?
In my opinion slowing down is not the same as moving the target closer in the sense that they are two different points of focus and can result (but not always) in two different but equally effective adjustments. For throwing the ball slower, the focus is on moving the feet slower and/or decreasing the swing speed. That's regardless of target.
Moving the target closer can cause different bowlers' execution to change in different ways. For example, for one bowler, moving the target closer may indeed cause that bowler to throw the ball slower and thus create earlier hook and roll. For another bowler, it may cause that bowler to loft the ball less which would also cause the ball to hook and roll earlier. Those are just two examples.
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