Variation yes but I don't know about functional variation. I'd think the answers to liquid tolerance are either "no holes at all" or "holes at least 10cm up" with basically no need for any other categories.
Well I can't think of any reason to push it and cut really low. Give yourself a hand width and then go for the hole punch. That's only a few percent of the way up.
The point is, if you're trying to contain some amount of fluid, you cut pretty near but not entirely near the bottom. If you want a waterproof container, you don't cut at all. That's about it. Nobody's going to vary the location for functional reasons. And don't get too hung up on my example number.
