How in the world did we oldies ever get our bows to tune when the grip was in the middle of the bow and the rest was 3" or so above center?
Maybe that's why us "oldies" are so adamant about putting the arrow higher than the hole. I makes a bad situation even worse.
Ideally, the nock, arrow rest and grip should be on exactly the same line. That way the center of pressure on the grip would be exactly opposite the center of pressure on the string and everything would be in exactly the same line. In fact, that's the only way I can see getting nock travel that is perfectly straight and level. Problem is, nobody's figured out how to do that yet.
Yes, you can tune to get good accuracy and arrow flight with the arrow above the hole, but WHY would you want to? If anything, lower the arrow below the hole so it would be closer to the grip's center of pressure.
The closest I've seen to that is a guy shooting a Mongolian recurve bow with a thumb ring, arrow mounted on the offside of the grip and using the tip of his middle finger for a rest.