The exact algorithm used to do vertical alignment is complex, but I
believe that it accounts for both ascenders and descenders, so a letter
with an ascender such as "f", or an upper-case letter, should be the
same distance from the top of the frame as the descender of a letter
such as a lower-case "g" would be from the bottom of the frame.  That's
what I see here when I try it.  Of course, some script fonts with
unusual metrics may give different results.

And as Mark alludes to, you could certainly insert an extra paragraph to
achieve more of an offset in either direction.  Or just move the entire
text frame.  If you have border and fill, you could always make a
separate frame for that, and then move the text itself independently.

Dan


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