Probably better to enable it only for strikes/spares as it would drain too much time, but the idea is great.
If you wanted to be REALLY clever, you could get it to start playing the slow mo the moment the ball is detected.
Or perhaps replays could be gated behind a button push. Ball detection copies the current video buffer into an secondary buffer; the button plays whatever is in the secondary buffer.
Or you could make it a web app, and stream replays to people's phones when they're on the alley's wi-fi. That has the benefit of making an epic moment saveable and shareable.