Something like that. I did this for the LCAs on a 1979 Chevy Malibu (triangulated 4-link rear suspension much like the Fox/SN95).
I haven't worked out the details for any S197 application yet, other than you probably don't need or want to drill any more than a quarter of the way in from each end in order to release a significant amount of 'bind'. Drill bit size and the number and orientation of holes as seen in side view are still up in the air.
View attachment 72298
Yes, the amount of pinion angle change is reduced, and I'm pretty sure that SVIC (commonly known as simply "instant center") migration is reduced as well.
Norm