Are we seriously considering that the in-line condition (arm and clubshaft), no matter where achieved, is low point?
We intend to strike a ball that lies on the ground, or on a tee that lies on the ground. Low point must IMO be in relation to the ground. Although I must admit I've more to but I understood Low Point to be the lowest point (elevation) in the clubhead's orbit.
CW
There are two perspectives, one of force, and one of the clubhead.
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but I understood Low Point to be the lowest point (elevation) in the clubhead's orbit. 
Threaded Mode
