Can the low point (2 month cushion) on the initial escrow analysis be the intial starting balance? or does it have to be sometime between the 1st months payment and the 12th month?

The initial deposit would not be the low point of the the escrow analysis year because the analysis year does not start until the first schedule payment is due.

If the initial deposit is made in Jan and the first payment is due March 1st the low balance would have to occur between March 1st and Feb 1st of the following year. The balance for March would be the initial deposit plus the monthly escrow payment less any payouts.