It's easy to misconstrue this to be the case, but actually, the Position option applies to all tooltips. It's the Position option for the entire "Help" section. The "Display action help" option for the "Help" section just happens to be above it. You can tell that Position applies to all because it's not indented to show that it's a child option of Display action help. In contrast, "Display item help" does have child options, which are indented.
Selecting "Fixed" will apply to both, and you can put them in the same place or separate places, via /hudlayout. So you could put the action help in a place typically occupied by your inventory, but the item help somewhere other than your inventory. Setting "Fixed" will probably take care of most of your issues.
You can also set a modifier key to hide your item tooltips. "Display item help" > "Enable help text toggling". Holding the selected modifier key will hide your item tooltips.



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