Both arguments (hot and cold) have some credibility - after sitting for a long period of time more oil has returned to the pan, but the longer it sits anything that would otherwise be suspended in the oil settles to the bottom of the pan and due to the time it has had to sit and the increased viscosity of the oil it might not be washed out when you drain the oil. To the best of my recollection the service manuals do all specify to change oil hot, but the cold oil change believers could easily argue that this could be because it's much faster, or since cars are driven to shops and people expect quick service that there isn't time to allow the engine to cool. The following statement is purely my opinion but I suspect if you had 2 engines that lasted to a few million miles, one with the oil changed cold and one with it changed hot you'd never see a difference.
Changing the oil hot leaves more oil in the upper engine, changing it cold potentially leaves more in the pan. Allowing it to drain overnight is excessive though it probably helps get the last few drops of oil out, but in all fairness, that won't matter at all. Because of how the additives in oil work (hint: their protection does not scale linearly with additive content) and the fact that oil is generally changed because the additives are being depleted not because the base oil has broken down, leaving a tiny bit of old oil in the engine is a non-issue.
As for the OP's question, looking at the engine from underneath (without knowing a lot about it's internal oil passage design) my opinion is that having the nose slightly higher is beneficial for draining all of the oil out. I personally drive my car up on ramps but my driveway is slightly downhill so the end result is that my nose not significantly higher once I'm up on the ramps.