Truth is, it makes little difference if any.
The "high stack" folks warn against "stale smoke", however the smoke and heat are dynamic, constantly moving, so there is no possibility of stale smoke. There is no area in the cook chamber in which the air/heat/smoke is not moving.
The "low stack" folks argue for maximum exposure of the meat to the smoke rather than letting it escape out the top before imparting its smoky goodness to the meat. In reality, there is only smoke entering the cook chamber. There are no static pockets of fresh air at grate level to ruin your cook.
The important thing is to ensure your stack drafts well.
Whether the stack is high or low, the same amount of smoke will pass pretty much uniformly through the cook chamber to create magic on your meat before it exits either high or low.
JM2CW, YMMV
Most folks who use a low stack at grate level cut it at an angle.
I have seen some with holes.
Either will work just fine.