I'm guessing you're taking about a ball that is arriving at you, kind of nipple height (couldn't think of a better description)? Usually from slightly unexpected bounce?
I've had a fair bit of coaching and if the ball rises straight at you the best thing is to jump a little so you take the ball securely but make sure you keep your elbows relaxed so you can return the ball to the stumps smoothly. You don't have to wait until your body goes down to move your gloves to the bails.
You've always got to make sure you take the ball cleanly first so there is no point trying to jeopardise the take in order to gain a few split seconds returning it to the bails. The chances of an outside edge or glove are probably about the same as the stumping.
If you are talking about a shorter pitched ball, that is coming shoulder height or above, firstly I'd be surprised if it wasn't smashed for 6, but obviously you have to assume it's coming to you. I would as soon as you see the length, prepare to take the ball with one leg (probably the right leg to a right-hander depending on the line) in the air, your hips slightly rotated open and your fingers pointing horizontally. The same as taking a rising wide ball. I can't think I've ever done that more than once or twice in the last three years though. The other option is to take it fingers up but that could lead to all sorts of problems.
Hope that helps.