Yes. 4-1-3-b-Exception allows the ball to remain alive when held for a place kick. It does not specify that the holder must be already 'grounded' when he takes possession of the ball. Although difficult, it would be totally legal for a player to take a "shotgun" snap while upright, then drop to the ground to hold the ball for a kicker. But, AT THE SNAP there must be a player in position to make a kick for the ball to then remain alive when when held by a 'grounded' player. After that, the ball may be place kicked, but it doesn't have to be kicked at all. The potential kicker can fake a kick attempt, or not. Regardless, the ball may be handed/passed while he is still on the ground, or he can rise and advance the ball, or punt it, or drop kick it, or then hand/pass it.
We have all probably seen a bad snap that forced the holder to rise up and catch the ball, then drop back to the ground to hold it for the kicker. All good.
