Mizunojoe-- I agree that most tour players have the shaft parallel to the ground when the hands reach the right leg on the downswing, and I have seen some that reach the position of left arm vertical, and shaft parallel(rare).
However, I do remember seeing pictures of Curtis Strange, Greg Norman, Tom Watson, and Tom Weiskopf. All but Strange are pretty long hitters. I don't have the ability to post the pictures, but as I recall, they are all more of sweep releasers, with larger pulleys.
(I have heard... the distance from the ball to the point where the shaft becomes parallel to the ground on the downswing... called The Pulley)
Maybe what we are talking about here are actually different kinds of Releases, rather than so much lag. Watson, and these guys must have clubhead lag, or we would never have heard of them. They don't, however, look to have Snap(Late) releases, with maximum trigger delay.
I agree that the Els, Elkington, Charles Howell III, etc., kind of release, seems to be more of what we see now.
Also.... Strange, had the Ballard influence.