1. The tub controls should be accessible from both inside
   and outside the tub and be located between the rim of the bathtub and
   33" above the floor.

Building Code Requirement:
No International Residential Code requirements.

http://starcraftcustombuilders.com/bath.design.rules.htm#.WwbIg_ZFy8z

Depends on the choice of faucet too. Laminar flow faucets are no splash.

Can the height of free standistandinstanding faucets be adjuadjusted lower? I dont like the look of the standard 40-43 "

In Toronto the spout ”exit” must be at least 1 inch above the rim of the tub to prevent reverse water flow. The building inspector will not pass anything less