Yes, you can. Currently if you fly to a height above or below 300 ft (91.44 m) and choose to start a 360 photo mission from that height, Hangar 360 will prompt you with a choice of whether you would like to begin a capture from the current height or the default, 300 ft (91.44 m).
If you do chose to take a 360 at a height that is not the default, the 360 photo may decrease the likelihood that the 360 will stitch.
Be very cautious when choosing to lower the aircraft to 300 ft (91.44m). This is height is relative to the take-off location and has the possibility to lower the aircraft into obstacles, especially in more hilly or mountainous areas.