If you are holding the rope with your hands there's no doubt it's better, beacause it requires less force to hold your weight. That's it. It doesn't mean it will provide more lever arm, it will just be easier for the same effect. The effect is only dependant on how far out is your weight.
Now this discussion is poitnless anyway.. Bring the line wherever you want, it's not that you are compromising anything else.
BUT.
For setting up a righting pole it is worth to realise this mathematical and empirical fact (it doesn't matter whether the line is above or below the hulls in terms of lever arm). Why? Just because it's way easier to set the lines below the hulls. Making efforts to do otherwise is pointless.