Gaining a lite more reach without using a longer stem.

a short stem 10mm lower on the steerer with higher rise bars could put your grips in exactly the same position as a longer stem higher on the steerer with lower rise bars.

Of course! I didnt see that before but your right. And to be honest any gains in reach would be marginal anyway.
 
I looked into this a little while ago - I've always loved short stems (even in the 90s) but with a short body/arms and long legs for my height it kinda works for me.

Modern bikes get away with it as the frames are a lot longer with a steeper seat tube and often longer seat stays - these all help when climbing on a modern geo bike. The only way to achieve it on an older frame is to go for a larger size than you normally would, but this can give toptube/gentleman sausage interference issues for us shortarses.
 
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