I've seen low level Windows API code... it ain't pretty... I wish I could unlearn it. I think it benefits to learn low level as in C, as you gain a better understanding of the hardware architecture and how all that stuff works. Learning old Windows API... I think that stuff can be left to the people at Microsoft who may need to learn it to build higher level languages and API... they built it, let them suffer with it ;-)
However, if you happen to find a situation where you feel you just can't do what you need to do in a higher level language (few and far between), then perhaps start the dangerous dive into that world.
