I have two lathes, one above elbow height, one quite low, perhaps just below waist height. I like both. The higher one causes more fatigue from having to hold tools up higher, however this is often fixed (with added comfort to my feet) by allowing the wood shavings to pile up 2-4 inches. I highly suggest this solution. If it's not practical, or you don't produce that many shavings, then I'd go for the lower level and block up if you don't like it. the higher level also allows me to cut with the tool well above centerline when I'm blind hollowing large diameter forms, which has to be done from the opposite side of the lathe. Cutting above CL lowers the risk of catches in this situation, and I also get a smoother cut and can cut faster with ring tools in this position.
The lower lathe is very nice for OD turning as I can hold the long tools against my hips at a very comfortable height and not tire from holding my arms up higher.
Another consideration is CL height above the ways. The large one is
13" and the smaller one is 10". I find the 10" to usually be just about right when I sit on it (not to mention it's easier to get my leg over the top since it's closer to the ground) and often have to sit on a 2-3" piece of wood when I sit on the large lathe for bottom hollowing. If you will be doing this sort of work, you might consider having a place to sit that puts the tool at a comfortable level under your armpit when you sit on the ways or on your table/bench.
If I had to choose between the two, I like the taller one because standing on 3" of woodchips really is very comfortable on my feet, and adjusts the height nicely, but if you won't be collecting woodchips of that magnitude, I'd go for just below elbow height to reduce fatigue, and block up if it's too low.