I've learned to try to keep food smells out of my pack so I like to load the food almost on top, with maybe a poncho, hat and water filter on the very top. I also have a top pocket in the packs cover that holds everything from steripen and first aid to batteries and toilet paper. My pack has only the top outside pocket, so my spare water goes down inside the pack sort of where it comes to rest... and my canteen hooks onto my waste belt.

If you are walking logs its a good idea to move the weight lower in your pack - so yes - maybe.
Jim