Mine hang pretty low, always have. My pics are when they are "tight". When I was a kid a doctor told me I maybe should wear briefs or a jockstrap all the time if they were uncomfortable or or got achy when hanging. Sometimes I do, but usually commando is most comfortable for me letting them hang down the leg of pants as they really aren't that sensitive. I guess we're all different.
I was in a steam room once in Vancouver hotel, several guys were really taking a long look at my junk and this other guys. The other guy had a remarkably large hanging cock with a big head (literally swung around like a big rope with a knot in the end when he walked) but strangely he had really small tight balls even in the heat of steamroom. He says to me as he left, "if we put my cock on your nuts we'd really be dangerous, huh?" and laughed.
I've had the toilet thing several times, but as Silvertip said it varies from toilet to toilet. Amazing how different toilets are, when I bought my last house I too had to change one because everytime I sat down I'd get a cold splash, lol.
In the end, I'll put up with any inconvenience and keep my low-hangers, there are far worse things.