If the tooth presents a cosmetic concern then I think the margin of the crown should be placed 1/2 to 3/4 of a millimeter below the gum. There are crowns today made out of a very strong material(Zirconium) which extremely cosmetic and kind to the tissue.(Procera) I would ask your dentist about it.
In fact, once my dentist was concerned that my gum, which he had to do a lot of work on the tooth at the gumline so my gum over that tooth was quite a bit temporarily receded, wouldn't grow back down around the crown, and it did, quite nicely.
I don't know about actual millimeters, but crowns at the least should meet right at the gumline, if not slightly above, and the crownline should be covered by the gumline.
In fact, once my dentist was concerned that my gum, which he had to do a lot of work on the tooth at the gumline so my gum over that tooth was quite a bit temporarily receded, wouldn't grow back down around the crown, and it did, quite nicely.
I don't know about actual millimeters, but crowns at the least should meet right at the gumline, if not slightly above, and the crownline should be covered by the gumline.
I have small teeth and a low gumline, so I can't help but show my gums even with the smallest smile, and you can't tell even one of my crowns from a real tooth.