This is my touring set up that have been using for a very long time... the hoods are at the same height as the saddle (+/- 1cm) and when I need to get low the drops are in a position where I can ride in them for hours if need be and can utilize all the hand positions that are available.

I make very good time on this bike and usually run out faster than the average tourist.

This is a pretty classic set up for drop bar bikes that were not used for racing or sport / club riding and back before there was such specialization a bike that was used on club rides would have also served as daily transportation so the quill stem allowed the rider to move his bars up and down to suit the type of riding.