U really want the end of the airline to be just above the emergency. That way the emergency takes water before the open channel turns to a syphon. The main reason is because if the open channel syphons to quickly it can cause startup issues with the syphon. The open channel drain the overflow box before the syphon can purge its air. So the open channel should only syphon if both the syphon & emergency get clogged, so it's kind of the last line of defense. It isn't always the case & there is other factors, but it can be a issue.
As far as water levels, it sounds ok but it's hard to say without knowing more. Mainly the type of overflow box & how your standpipes are configured. The same thing as far as the easiest way to attach the airline, it depends how your pipes are configured.