left elbow down to my side/ribs straight down with my forearm parallel with the ground. The body, dude to my picking habbits (i tend to play with my right arm slack straight down since i wrap my pinky around the bridge when picking and I strum pounding straight outa my shoulder) is low, pickup selector on a paul is about at my belt line while the body is lower so i can drop my arm and wrap my pinky around the bridge.
Awkward, I've been told. But hey, it works for me. Comfy too.