Thanks thats a great suggestion. I always appreciate people who can manipulate the given tools in ways they were not designed rather than a blank yes or no answer.
I took your suggestion a step further. I used a definition query to specify in the contour layer to be that elevation or less before running Intersect (Analysis) on it and it resulted in an irregular polygon. Exported the model to a python script and added it as a tool. it would read the nearest contour line to the point I placed and then add the height of the pole to get the source elevation. example 984 Feet elevation plus 20 foot pole. Selecting all contour lines less than or equal to 1004 feet.. Looks like this
Then run the Intersect and I get this.
I am just going to go ahead and create polygons out of the contours so I can represent it with a filled in polygon for the end user.
Thanks for thinking out of the box.