This may be much to do about nothing, but I've noticed something and I thought maybe those with more experience might have an answer. 
  My cold bore arrow tends to hit low and right, sometimes as much as 6 inches if I haven't shot in a while. Tonight, while shooting blind bale (eyes closed at 3 feet) I noticed the same trend.  Not 6 inches mind you, but for sure right, and often low.
  Is this an indication of collapse? Would it be collapse of both arms or just the bow arm?  Maybe it just shows that my body is out of position, and I need to shift my natural point of aim?  Maybe I just need to shoot more shots with better intent to ingrain better habits.
 
I have too many questions and not enough depth of knowledge to answer them all.

Are you hitting right or left?  You mention both in your second paragraph.

Woops, I'll correct it, I'm hitting to the right, as a right handed shooter

Right misses are commonly caused by plucking, forcefully opening the fingers rather than relaxing them, and creeping.  That's a much shorter list than the one for left misses.  How do I know?  I've done them all.

Plucking is pretty obvious, at least to me, and usually results in a high miss to the right.  The telltale is that your string hand ends up waving to the crowd.

Trying to open the fingers rather than letting them relax usually results in a straight right miss, but not always.  This is not obvious, and you may not be aware that you're doing it.

Creeping could result in a low right miss.  When I creep, I creep with my string arm.  Anyone who watches you from the side should be able to see if you're creeping.

The solution for all of these is the same: maintain back tension until after the arrow is released, and let the release happen rather than forcing it.  For dynamic release shooters, this means letting the release happen during the expansion phase of the draw.  For dead release shooters, to quote Rick Welch, hold at full draw, and wait until the release goes off.

I always assumed a pluck would result in a left miss. I'll focus more on the follow-through and see what that does for me.  With my eyes open, it's usually just the first shot that's to the right. I think I'm muscling the aim instead of settling into a natural point of aim.

This past weekend I was lucky enough to attend a class with the Clums of RMS Gear.  A great couple of guys and it was a good class. I'm bringing this thread back to life just to give it some closure.
  My cold shots and low/right misses were just as McDave predicted. The dreaded collapse.  I get so focused on aiming (especially with the first shot of the day) that I start losing tension, causing the arrow to hit low, at the same time my bow arm collapses in causing the left impact.
  At least I now know, and can fix it (or at least try).