I am no expert, but think a rock-solid follow through is the most important aspect of any form. I really don't think about what's pointed where with my arms, and crouch, stand, sit, and cant the bow at varying degrees to replicate varied shot opportunities. But when I "freeze" good at release, I seem to do well regardless.
Well, I tried what many suggested, and I think I finally came down with a good form that I can replicate time and again. I first tried taking the heel of my hand off, and it felt really uncomfortable. I think I took the whole "point your finger towards the target" thing too seriously and loosed an arrow only to find I loosed the bow as well!
At least the arrow hit where I was aiming. Maybe the grip on my bow is different. Below is what ended up working for me, and feel free to tell me if this is wrong or if I should change things...
1. Instead of starting my draw with the arrow down, and coming up to the target, I started with the arrow pointed more or less towards the target, drew back like I was pulling a rope, as straight as possible, and lined the arrow head onto the target. I then slowly lowered the bow down until I was ready to lose.
2. I kept my index finger on the corner of my mouth, and tried the best I could to keep my eye directly over the arrow.
3. I tried to keep the bow as straight to vertical as possible.
4. After letting fly, I kep the bow as steady as absolutely possible until the arrow hit. Much harder than it seems.
I'm hitting a 3x3" target from about 17-20yrds about 3 times out of every 12 I shoot, but I've noticed my groupings are a lot tighter, mainly hitting just to the right.