Can't comment on code requirements, don't know where you are located. You wouldn't need weepholes if you are using a perforated pipe to collect and discharge the water.
Regarding the elevation of the drain pipe or for the case of weep holes the weep outlets, you need to located these items as low in the backfill as practical. If for some reason, you can only position them 2 ft higher than the toe of the wall, then a prudent designer would assume that the lower 2 ft of the wall backfill could (would?) become saturated and account for hydrostatic pressures in this lower 2-ft of wall backfill.
Don't overthink these things, once you understand the basics, it all makes sense.
I do want to add one thing: If you are using perforated pipe, you need to provide more than one outfall location. That way, if one location gets squished or otherwise blocked, you have another route to take.
Regarding "dirtguy's" post, sure wall backfill and connectivity between the soil and the drainage media adjacent to the pipe are critical design elements (maybe the drainage media is more critical for controlling hydrostatic pressure?). Whomever is working with you on the earth pressures for this wall should take into account the specified wall backfill material and provide you with either at-rest or active earth pressures.
Let's think through this for a minute: If you have a soil with an effective friction angle of 30 degrees, your Ka value would be 1/3. So if you are dealing with a soil with a unit weight of 120 pcf the horizontal pressure acting on the wall would be 40H depending on where you are behind the wall face (i.e., if the wall is 10 ft tall, the pressure would vary from 0 psf at the top and 400 psf at the base). If you allow saturation, the coefficient of active earth pressure would still be 1/3, but you'd base the accumulation of earth pressure on the bouyant unit weight (i.e., moist unit weight minus the unit weight of water - 120-62.4=57.6 pcf). So, if you take 1/3rd of that value you'd get 19.2H. Wow, so much lower, eh? Not so quick, you then have to add back the unit weight of water, which would run you up to 81.6H, which is more then twice the unsaturated value. Wall drainage saves alot in structural design.
The benefit of a granular media behind the wall is that you typically can use a higher friction angle, which in turn will lower the coefficieint of active earth pressure. That said, you still have to worry about hydrostatic pressures.
Hope this helps.
f-d
¡papá gordo ain’t no madre flaca!