We also used to chamber the punch at about belt level, but now chamber right above the floating rib, so about 3-4" higher than where we used to chamber.
This is where I currently chamber. At this level my forearm is parallel with the ground. I guess do to my size. I'm 5'11, and build, the fist ends up just below the pectoral. If I were to try and bring it higher actually onto the pectoral then the arm would be what I call jammed and at an awkward angle.
Also the higher chamber seems to mostly eliminate elbow flip or "chicken wings".
As far as I know I never really had a problem with this but I've seen it. My first instructors were at pains to point out that the fist "floats" or "sinks" (my words as it was long ago) toward the target but does NOT turn over until just before the strike. This almost always eliminates the elbow flip because it seems to come from the student trying to get his or her fist into the "proper" orientation to soon so they throw the elbow out rather than using the forearm properly.
I think the higher chamber does, as you pointed out, help eliminate this because of the shorter and more strait line distance traveled at least for a punch. The same for an above the waist block. For a hammer fist the chamber is in a different place altogother anyway.
The one thing I wonder about though is predictability. With a high chamber there is more explosive speed to the target of the punch or block.
But with the low chamber the punch or block rises or sinks not quite as fast because of distance traveled but perhaps a bit more deceptive. I'm not sure.
Sincerely, NightOwl