Long story short; the Paul Racer mounting bracket is less of an obstacle than the bottom of the for crown. Same for the arms themselves.
These are shots of my Rambouillet with the Shimano "non-group" (they're Ultegra tier) double pivot brakes that were on my bike when initially spec-ed from Rivendell and the Paul Racers I switched to when I also went to RH (Compass then) Stampede Pass EL tires and a fresh set of Honjo fenders that I didn't have to crimp and bodge.
The rear view of the Racers does better at showing the brake bridge being lower than the center bolt mounting bracket of the caliper, see the orange paint below the mounting bolt? The stay is of smaller dimension from the mounting hole and the edge of the material than the fork crown. It's also easier to photograph effectively relative to your question about which is the lowest point.
The Shimano double-pivot calipers always rattled on the fenders from any little flex of the bike, fork, fenders, or wheels. More when the brakes were being applied and the calipers moved the pads to the rims. My crimping and shaping were a cumulative effort over time to eliminate interference. Those Honjos are even too small for the 28mm tires I was limited to by those brakes.
My Rambouillet was now free to roam the wilds without sounding like maracas or a tambourine. Here it is after a rainy 80-mile, off-pavement ride.
Hope this helps,
Andy Cheatham
Pittsburgh