I'm kinda in the boat of only giving player advantage on ranged attacks when on higher ground. I think it could be balanced by making weapon switching consume a bonus action and giving melee-attacks against non-melee-ranged weapons advantage.
IMHO, It would be better balanced if they implemented +2 cover AC against ranged attacks for targets in melee combat, then for high ground, you don't get advantage on your attack, but the opponent doesn't get +2 AC since you are shooting down into combat.