If you're hovering, then hover with the sweetspot in the desired impact position. When you sole the club from this "ideal" impact position, you'll notice the ball is towards the toe of the club. However, I know several people that address the ball on the hosel from wedge to driver. Geometrically correct?...no. Comfortable and subsconciously adjusted for on every stroke?...yes. Like Homer said, psychological considerations must be taken into account.
The bottom line is that if you hover the club, then hover with the sweetspot aligned with your desired impact point on the ball. If you sole the club, get the ball slightly out towards the toe. Overall, it's not going to be the difference-maker between shooting 100 and shooting 70. But every little thing you can do to make your stroke more geometrically sound is worthwhile to me.
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