My brother’s rig does beautifully on the knives he sharpens, which are all kitchen knives with very little curve to them. Imagine sharpening the tip of a Tanto though. (Yes, I know to move the blade so as to put the forward edge in a horizontal plane – this is just for demonstration purposes) The stone would stay almost vertical at the tip and be free to rotate around the edge. The pivot point on the WEPS is chosen to best match a broad variety of knives – most of which have some degree of belly to them. The closer the blade conforms to the radial sweep of the rods, the more uniform the bevel angle will be. For relatively straight blades, the more the constant-angle horizontal plane rule applies.
On a related point, consider that you have a blade like the CRKT Razel, where the forward edge is at a right angle to the main edge. If you were to mount the blade with the tip immediately forward of the vise, the bevel angle there would be closer to 90 degrees than 20. So you move the knife forward, (if it will reach that far) so as to put the angle close to your desired angle. This is the same principle as “finding the sweet spot,” but in an extreme case.
The only reason I can see for increasing the height of the vise is to more closely match up to much larger, deep belly blades.