@Steve

Traditionally, as I have come to know it a "speed league" is usually a smaller number of bowlers per team (usually two or three) and a higher number of strings (usually five vs three). Also, instead of bowling two boxes at a time, those leagues are usually five boxes at a time as well.

I honestly don't know a name for a league that bowls "1-2-3 ball". It's usually a tournament format around here.

"High or Low" strictly depends on the position of the pin to the bowler.

First think of the five pin standing up straight and there is one piece of wood on the deck. Now picture the face of the clock. Suppose the five pin itself were at 2 o'clock. If the hour hand and the second hand were straight (as if they were a pin) from 5 o'clock to 11 o'clock the "low" part would be further away from the bowler, and also below the red line so to speak. If you were to hit near the 5 o'clock area, you'd hit the pin "high" or above the red line, in this example.

It's has nothing to with the pin's position on the lane as far as depth, or left, middle, or right, strictly and angle of the wood, how it relates to the bowler, and to the pin or pins you're trying to knock down.

Others may have a different interpretations, but that's always what I mean when I say it.

Hope this helps.