Going below center presents a negative (or moreso) top rake angle to the work. On a large diameter, this can actually help tool life on interrupted cuts. This assumes, of course, that you have the rigidity and horsepower to run negative rake tooling in the first place. And I don't mean enough that you could actually see it, but would be measurable. Generally, the tooling would bought or ground with the desired top rake angle already on the tool. Of course, below center on turning long, slender work is a definite no-no, as the work will tend to climb up and over the tool edge. It springs back, and repeats....this creates a nasty chatter and ruined finish. This is also a problem with parting. Yes, below center a bit will require less feed pressure than trying to outguess the deflection downward by going above, but as you near center, it becomes problematic as the work climbs up.