You can do what you like, the grip and arrow pass can be almost anywhere, just look at those Japanese Yumis, but the shorter the bow the more twitchy it becomes as any asymmetry in the limbs is likely to show up more. The usual arrow pass 1" above centre seems to work well.
The other alternative is a huge long grip which ends up looknig like the riser on a target bow... eughhh.
But each to his own, I like grips as short as pos' personally as it gives a shorter overall bow.
Conversely on an ELB it's so long it doesn't make much difference, just grab it somewhere near the middle!
I think it's important to tiller it from the correct grip, pull on the string position to avoid the lower limb ending up too weak/strong/wrong/whatever.
Del