Though I may be wrong about its origination, I do know that certain high school coaches started using what ended up being called the double dribble motion. This entailed using 4 guards, but on the whole, I suspect those teams were not very successful. There are a number of college coaches that use a variation on this, but most of those are playing SF in the 4 slot. HD did have a good idea in diversifying the skill sets of the players to represent the fact that a player may be athletic enough to play multiple positions, but my take is that they have overdone this. A lot of these numbers end up being useless in the game, and in fact, I think they can relegate a player to that same status. At D-I and with a SG that has, let's say, a 60 for both PE and LP will not play well at any slot unless they have numbers off the chart elsewhere.
Stew's original post is a good one because St. Bonnie in IBA made over 1000 3 pt. shots in a season. Doing this made a mockery of the game because the SIM did not know what to do with it, and going +5 did not address the problem. No team in RL would have won the NT doing that, and in fact, most college coaches do not like the 3 pt. shot for a number of reasons. If you stop to think about it, what differentiated the big time programs with the Butler's of the world during NT play was the inside game. In recent years, the small school programs have closed this advantage, but you still rarely see a team that doesn't have an inside game competing deep in the tournament.
HD has told me they have done things to limit the use of ridiculous distro overloads, I cannot dispute that, but do know this one thing to be a fact. Try overloading the PE to see what kind of result you get, and the next game try an overload of distro to the LP. I can assure you that the one to the PE works much better than relying on the inside game. Further, it seems to be more easy to shut down the inside game than the outside because the PE game is easier to disguise than the inside game, which lends to this premise.
HD says that the average team in RL makes around 32-34%% of their shots as 3 pt. attempts. On one season, I looked at the entire list of D-I teams in RL and found that only KS St. had reached the 32% mark for 3 pt. attempts. Most were around 30%, or less, and one season TX made something like 25%. Now, there are teams like Charleston that may hit 50% of their shots as 3 pt. attempts, but again, where do you find these teams placed in the NT.