Old Dude: Yes it would, but there is a workaround for that. You could model a box (yes, a box) and then use that as the bounding box (make the player passable and the bounding box invisible). You can just as easily place a vertice on the bottom of the player model too, giving the box a position to lock onto.

Although I am unsure of exactly how that method would work I also believe you can adjust the bounding box via scripting, but I have no clue (so far) if you can.