I used to adjust my strap so the guitar was by my hip. Not as low as Jimmy Page, but low. I thought it looked cool and it seems to be OK. Watching the videos on this website, it seemed like the instructors would have their guitar higher up when playing. So I decided to try it it I find playing less fatiguing and my playing is more accurate.

If you have long gangly arms, wearing it slung down low may work for you. The idea is to wear it at a height where your arms, hands, and wrists naturally fall into a compfortable place without having to compensate.

I would say adjust it a little higher for a practice session and see how it works for you.