Anton makes a good point - if you mount the light under the front rack, you need to place it "just right" to neutralize the front wheel shadow. The front wheel will still cast a shadow, but it's so far to the side that it's not where you even need to see - even during tight turns, you don't turn that sharply...
If you just mount the light anywhere under the front rack, you may well turn into the dark during right/left hairpin turns (depending on the light location). This is worse with wider tires, which cast a bigger shadow.
As to the beam shape, a slightly lower beam in my experience is actually an improvement. Most headlight beams, when mounted as intended, are too short - they are intended for city bikes ridden at 10 mph. Simply angling the light higher puts too much glare into the eyes of oncoming traffic. Lowering the light allows you to get a longer beam, while still having the cut-off (that you get with the best European lights) at just below eye level of oncoming traffic.
I've experimented a lot with light position since my light mount failed in PBP 1999. Back then, I rigged up a new mount from the parts of the broken one and attached it to the front dropout. I actually liked that better than the previous mount on the fork crown, so I had a light mount brazed to the dropout of my Rivendell. (Other Seattle Randonneurs, most notably Robin Piper, took this solution one step further and made the entire light/generator hub unit removable by putting the light mount on the front axle. From that came the well-known Nitto adaptors that allow you to mount a light on the front quick release.) When I then rode Alex Singers with the light under the front rack, I found that this eliminated the wheel shadow – very pronounced with a front dropout mount – and provided the best solution so far. (By far the worst is mounting the light on top of the handlebars, where it coincides with your line of sight, so making it very difficult to see road irregularities and potholes.)