Go ahead and raise it up a bit and adjust the nocking point, peep, etc accordingly. Contrary to what younger guys THINK (they don't actually know) the arrow does not have to bisect the berger holes. You may have to do some minor tuning, but if it cuts the noise then so be it.
Many years ago (here we go again) the deepest part of the grip was in the physical center of the bow. The rest mounted apporximately 2" above center. We were able to tune bows back then just as they are tuned today. Somewhere along the line (late 80's?) the grip area was moved down to get the rest closer to center. If you measure from both axles you'll find that the center of most bows is still right around the shelf area so it's not centered anyway. IMO all moving the grip down did was throw the balance of the bow off, making them top heavy.
If you ever get the chance try drawing and aiming one of those old critters and see just how nice they balance. Be careful though and keep the draw weight down. Most of those bows only had 35% to 50% letoff. Spoiled as we are today by 80% it might not feel like any letoff at all.
If You're Not Living on the Edge You're Taking Up Too Much Space
Martin/Rytera Staff Shooter
PSAA Life member, UBP Life member
PADI AOW Diver