@decompression - It depends a lot on the other aspects of your configuration.
Firstly, I'm primarily talking about aluminium cylinders. Secondly, I'm assuming the goal is to have the cylinders snug against the torso... feeling 'a part of you'... with less wobble and play... and certainly not dangling.
I use loop bungees, so I find that the shortest possible leash is beneficial. It needs to counter the cylinder torque caused by the bungee. About 1cm... a "little finger", just to give the boltsnap enough freedom to move unimpeded.
With continuous, or even independent, bungees, a slightly longer "fist" leash may be preferable. That's the approach I used to have, until a few years ago.
The band height may be influenced by the length of the leash you choose to employ.
But, in general, I don't see any significant advantages in having a longer leash and setting your bands at a different height because of that.