Total absentee ownership is a disaster.
Leadership comes from the top and trickles down. look at some of the most successful teams now or ever.
I don't think that's necessarily the case but it does depends on what you mean by "total absentee ownership." Like the Rangers and Knicks have the same owner (who only cares about the Knicks) and the Rangers are considered to be the better run franchise.
At the end of the day the key is hiring the right guy to run the Hockey Operations department. But how do you get there? Do you hire an advisor to help you interview and hire someone? Do you simply approach a guy you like and give him the job? Those appear to be the two most common methods.
With that said, I think an owner who is willing to do what is asked of him is an advantage. Like if you're trying to recruit a player, having a personable owner there can help with the process.