I have my current seating set up such that the whole warthog base is below the level of the chair, and the "hand rest" portion of the stick is only slightly (< 1") above the top of my legs...and I insist on keeping it that way. Not as important for combat flying, but when I have to hold formation for 40 minutes, having my arm angled up would be brutal.
I really don't like how far it forces you to be from the monitors. I understand many people here like being 25-30 inches from their screens, but...that's not me. I'm using a 24" screen, and as I type this, my forehead is 21" from the screen and it doesn't by any stretch feel too close. In fact, I hunch forward to make it happen rather than rest against the back of my chair. As lame as it sounds, I'm thinking I might have to actually put the racing harness on the seat I'm building to keep myself from "leaning in" while I fly/race. Hahahahhaha.