Hi Clyde,
If it’s a low cut clew, The jib will have more power when set nearer to the deck. That’s due to the end plate effect with the foot of the sail near the deck. If it has a high clew, there won’t be much difference in power between the high and low position.
If you lower the sail the Lower center of effort means less heeling. That’s a significant advantage to lowering it.
I can’t think of any advantage to the raised position other than increased visibility. The disadvantage is that the boat will heel more easily.
Its standsrd operating procedure to attach a pendant at the head of the Sail if it’s not full hoist. Putting a pendant at the keeps the swivel up as high as before, so I don’t expect you to get halyard wrap because the halyard is at the same angle.
When you lower the jib, you’ll need to move the jib sheet blocks a few inches forward compared to where you had them before since the clew is lower.
Judy B