In my reading of standby spell, it is unclear if you can freely heighten the standby spell to cast it from any slot you have available. Nothing prohibits it, but a few words to clarify would probably save questions later.
I think it's basically choosing a spell to be your signature spell. So you can use any spell slot you wish and it'll be heightened to it. (Though I don't think you can use the slots from Martial Caster for it)