Without causing a ruckus, hanging off a bike at street speeds isn't needed. In fact it's a quick way to get a ticket. Yes in the perfect, scientific world hanging off, COW, FIFOM (face in front of mirror), etc. makes a difference. If you are riding that fast, you need to go to the track, period.
On the street I am bolt up right. Why? (Yes I've taken the MSF classes, done dozens of track days, and was an Expert class roadracer, placed as high as 5th). Because riding bolt up right allowed me to actually lean the bike a street speeds.
If back in 1982, I could drag peg on a 1973 Yamaha TX500, with Montgomery Ward Mohawk tires (I kid you not), in 2013 on a 2011 Aprilia Tuono APRC with Pirelli Super Corsas, there is no reason for me to hang off. Honestly.
The key is being 1) smooth, 2) consistent in a corner, 3) being a good trail braking, 4) looking through the corner, 5) smooth roll on.
IF you can do those things you are good to go. There is no need to hang off, COW, CROW, etc. Those things will only get you a big fat reckless driving ticket from the po-po.