Doug, I know exactly where you're going with this. And yes, it can work in a hunting situation. I used it to tag a late season doe a number of years ago, but my target panic prevents me from using it now.
For the guys that have their old Traditional Bowhunter magazines, go back to the June/July 1999 issue and read Roy Marlow's "Advanced Aiming" article on page 70. He explains it very well with illustrations.
I believe the concept Doug is getting a grasp on is, within certain parameters, on close shots on game, the arrow impact will be a higher lung hit. On the longer shots within the pre-determined parameters, using the same "point-on" picture, the arrow would strike lower in the chest.
The variable involved is the size of the target. Going from an elk to a rabbit is sure to create some issues, but for someone that just hunts whitetails for example, the target is always relatively the same size.
I don't recall the equipment used on that doe, but it worked like a charm. By getting the arrow right up under my eye while shooting three under, I was able to use the bottom of the deer's chest as my point-on aiming location. That was my intended goal, because I didn't want to be looking so far below the intended inpact point. I had a second nock set about an inch or so below the other one. I placed my index finger right under that one, rather than right under the nock. Through experimenting with the lower nock set location, I was able to keep my arrows in the chest of the deer target within my usual whitetail hunting distances, all by just placing the front of the arrow on the bottom of the deer's chest. It's actually easier to do than it is to explain.
Hope this helped.