I have short arms and when I started learning I thought about using a shorter than full-size bow since on the E string I cannot use the entire bow.  I decided not because I think the size of the bow contributes to the sound and I didn't want to lose that benefit.  Also, I don't HAVE to use the entire length of the bow just because it is there.

I have seen several Texas swing and bluegrass players choke up on the bow and they claim it helps with their technique in those styles.  They are all better players than me and it seems to work for them so who am I to judge.

I mentioned this to my teacher and she responded that, in the orchestra she plays in, when they perform some Baroque pieces she chokes up on her bow rather than use a Baroque bow.

I believe my teacher has it right.  A "standard" bow hold should normally be used.  But if you can play something better by altering that hold then go ahead and do it.  I wouldn't use it as a crutch for bad technique though.  I would make every effort to do it without changing from a conventional hold.