There are telltale signs for when someone doesn't have a leg to stand on. Deflecting attention away from, or failing to argue against, someone's primary point in order to focus on semantics and/or a weaker argument is one of them. Turning toward arguing someone's qualifications is yet another.
My apologies for a poor turn of phrase in an attempt to simplify what we're talking about. Now onto the meat of the matter. Are you - with your superior knowledge of statistics - going to argue that an r^2 of 0.3 shows that Fenwick is a good predictor of Regulation Points?
The correlation between two variables over a particular sample - in this case, Fenwick percentage and regulation points - is technically irrelevant as to whether one variable predicts the other.
For example, PDO is highly correlated with points percentage over small samples (82 games or less, roughly). And yet PDO has very little predictive validity with regard to future team success.
So rather than looking at the correlation between Fenwick and team performance, the proper way to assess Fenwick's predictive validity would be to look at how well the metric predicts future success.
As an aside, you're correct that rink bias is a factor in shot recording. But rink bias is not directional - some recorders overcount or undercount, but no one seems to favor one team over the other. So rink bias is eliminated as a factor by looking at fenwick ratio/percentage, as opposed to considering fenwick for and fenwick against separately. Which everyone does, except you and David Johnson.
For samples of 82 games or less, Fenwick predicts future results more reliably than past results themselves do, although admittedly not by a lot - by the 40 game mark, the predictive validity is approximately 0.50 for Fenwick, and 0.40 for past results. The corollary of this is that, at any given point over the season, Fenwick will generally serve as a better measure of a team's underlying ability than its actual record. So unless you're prepared to go on a polemic against those that use W-L-T record as a surrogate measure of team strength - which, of course, is standard practice - then you should acknowledge the merits of Fenwick and move on.
So although Fenwick is not a great predictor of future results in an absolute sense, that's attributable to the random variation that inheres in a half-season sample, as evidenced by the fact that the predictive validity for past results is even weaker. When appropriately contextualized in this way, a co-efficient of 0.50 is relatively impressive.
Of course, an optimal predictive model would take into account both Fenwick and other relevant variables. Brian MacDonald created such a model, through incorporating hit differential as an additional variable - as it turns out, outhitting negatively predicts future success. Not surprisingly, MacDonald's model had more predictive power than using either Fenwick or past results alone.