Yes, you're on the road to harm, if you're not careful. Bent wrists are bad.
Having the bass too high or too low can both cause issues.
Also, I don't think you should change your strap height so radically, especially if you're just copying someone. Be careful. I'd rather go up in steps to find a good position for you.
The most important thing is finding out what is most comfortable for your body and your playing style, not the way your favourite player plays.
Though a high bass is usually nice for the fretting hand, it's often bad for the plucking hand. The opposite if the bass is too low.
One important factor is also the level of your touch. With an extremely light touch, you might be able to play your bass up high for several years before problems occur, if you dig in hard, it can happen very fast. Talking from experience here. After lots of trying out, I have found a position that puts the least strain on my wrists, yet allows me to play fluently. Took a while. It's about bellybutton height here.
Wrists bent to much -> health issues guaranteed.
Since I had issues, I personally took advice from these videos - ymmv of course.
http://www.youtube.com/watch?v=uIYuqTsUlyM http://www.youtube.com/watch?v=VRkSs...feature=relmfu