Generally, some bend ought to be in the leg at the lowest position. Hiking the saddle up can ruin the comfort on the bike for little to no gain. If you want to tinker with it, raise it a few milimetres at a time, then ride hard with a set of allen keys in your pocket. Preferably ride in the drops with your least padded shorts.
If you feel discomfort of any sort when sitting in the saddle and going fairly hard for a while, knock it down a 3-4 milimetres and you have found your highest comfortable saddle height.
My saddle height turns out to be well Inline with the Lemond formula minus a centimeter (well, modern pedals have lower stack, so it ought to be lower) but I got there experimentally.