You could either bend the type bar arm to where you could get it to strike higher, but then you have to contend with what you've done to the upper case P.  You could replace the type bar outright if you had a junker--or you could replace all.  Or, you could try the still iffier art of getting it pulled up by unsoldering it, moving it up a little bit, and re-soldering it.  You still probably won't get it perfect--it's trial and error.  But, if you had the special jigs that typewriter shops had, you could probably stand a better chance. 

It all depends on how low it is, as to whether or not you can tolerate it.  But in any case, each typewriter has its "peculiarities" about the print, and if you're trying to perfect your print specimen, chances are likelier than not that you will find yet another letter out of whack.  It may be you might have to live with it--especially if it is not really all that bad.  Besides, I have several of my best, most treasured typewriters with something amiss in alignment.  It's just their signature.