Lower looks cooler, I agree, but it doesn't make you play better. Too high is dorky, but on a jazz fusion bassist that doesn't matter because most of the audience consists of bespectacled dorks too.
That said, there are quite a few cool guitarists that wear their instrument real high: Lou Reed, Johnny Cash and, yes, Glenn Tipton!
As regards guitar positioning, he never outgrew his Shadows phase!
Let's not forget those two either: