[RMcNeal]

I have the same hitch on my 2014 F350. I moved it down to the middle position to get the 5'er more level when towing. It sits about 3" below my bed cover now. I have about 8" clearance at the bed rails.
Also, you can reverse the position forward and rearward on the uprights that hold the pivoting head. B&W has an installation guide on their website.
Here's the one for my hitch...