I am not very familiar with the pros and cons of the various possible condenser accumulator arrangements. Usually the accumulator is below the level of the condenser. The arrangement you describe is discussed in a book by Henry Z. Kister, titled Distillation Operations, and uses a hot vapor bypass to control the column pressure but is sensitive to piping arrangements and complicated interactions. This book also discusses other arrangements, see pages around 530 for more in depth discussion. A second book by Kister, Distillation Troubleshooting, discusses the same examples in somewhat greater detail, see pages 382 and 637. Both books give a lot of good references.