[golfbulldog]

I'm pretty sure that there is another picture in 5 Lessons of Ben Hogan's hands on the club with the word 'Pressure' that has two arrows: one pointing to the meaty part of PP3 on the back of the shaft, and the other pointing right on the top of the shaft.

Yes - it is in the grip section and is more on top of the shaft than pp3 would be at address. The fact that it is in the section where he discusses grip makes it feel static pressure is being described rather than the dynamic pp3 pressure ... but maybe Hogan was leaving the odd clue!