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1st the math; If your tongue weight, as with an RV trailer there is a dry weight and dry tounge weight on the vin tag, is 200lbs on a 2000lb trailer (the tngue weight can vary due to center of gravity and axle placement (IE 1425lb dry weight trailer from factory with 175lb tounge weighth dry) as you lift the nose of the trailer more weight is transfered to the axle and the tongue weight drops, and the inverse is true. So if your neutral or level position tongue weight is only 10% of load, then high nose pulling is not a good idea, as is the inverse, if you are near max tongue capacity for your hitch to much nosie down would be bad.
2nd the experience, IMO and IME towing just below level is ideal, provides for proper % of tongue weight to be applied yet does not over burden the hitch. However, just above is no a problem either. But once you start to exceed about 1 inch to 1.5 inches you will need to maintain appropraite towning speeds, and the higher the tongue the lower the speed. When the tongue is pulled at a rasied angle the trailer has a tendency to wag like a dogs tail & the faster you go the faster you wag. Again this is due to the math, thata decreased tongue weight percentage will cause trailer wag. 
+1 basically what I wanted to say ...just didn't want to type it. Personally I prefer about 1" high over 1" low but now we are splitting hairs. How you load your trailer has alot to do with it as well as axle placement in relation to overall length of trailer. We could spend days on this.....I would differ with most here bsed on my experences and the math.
So for this application (light weight High tongue), if your going short distance (Less then 50 miles) and keep your speed down (55 or less) and there are no high wind conditions you will be fine.
Are you kidding.........The right (or wrong depending on your view) people and we could spend years.
agree
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