Yep, my fan is currently down and although my fan speed does usually rise to around <800 rpm, I can't even hear it

I do however have 3 HD's at the front (a raptor, 2 seagates) and could explain the high rpm since each HD is around 50-55 degrees according to Everest

I was also wondering which position is it better to orient this PSU in this case?

having the fan pointing up or down?

I had a silverstone zf60 and when it was pointing down, it was far louder than pointed up