I find that the characters' default positions within tiles is a bit low; I'd like their feet to be closer to the center of each tile. Especially when using custom graphics, the non-centeredness of the character sprites can be very apparent.
If this bugs you as well, this script allows you to tweak the characters' positions, by nudging their Y positions on the screen. (For completeness, it also allows you to nudge their X positions, though I'm not sure what the use of this feature is...)
The amount to nudge/offset the characters is configurable, and different values can be set for events with the "Walking" option checked vs. those without. (There's also an override which causes players to ALWAYS use the "walking" offsets, even when their walk animation has been disabled.)
The script must be called CharacterOffset.js, or the parameters will not work.