Are you trying to work your shoulders, or your triceps? I usually do DB presses similar to the 2nd method you describe. Lower to just under my ears, arms inline with the DB, maybe a bit forward if anything at all.
Remember, anytime you change your form, you'll need to adjust the weights you're lifitng. If you drop down to where it is more comfortable and work your way back up, you'll have no problems, but it takes more time. Could also be another way to "shock" the muscles, as they say, spur more growth and development.
Mt Snow, VT - May 5, 2012 - Completed!
...i remain, he who remains to be...