I think leading with your top can be (as said) wrong and good. Leading with your arms (frame) ONLY is generally a no-no (alltough you could use it sometimes), leading with your upperbody is a must.
Allmost everything in Competitive International Standard dancing is lead with the upperbody, NOT alone the upperbody, I'm not saying that, but without upperbody lead it's not possible to achieve a reasonable quality in dancing.
It's impossible to lead any sway without using your upperbody. It's true sway is created by bending your knees, but from there on your entire body makes a curve, communicating "sway" to the lady standing against you.
Even more than in sway, upperbody leading is used in Shapings offcourse (most lines, TOAS, SFL/RFL) and for instance figures like Wind-up. In these figures you put something extra on your base (your lowerbody) making shapes (not only Shapings) with your upperbody.
Even take a promenade position for instance, try to (gently!!) lead your lady out of it without moving your upperbody. Your frame will break lose from your ribcage, you'll get an awefull right shoulder just under your right ear!
It's not about moving your frame! Eventhough your frame will move as an whole with the movement of your sides and ribcage. By stretching one side (not chrunching the other!!) or rotation your ribcage (without pushing it forward!!) you'll achieve upperbody lead.
This is something you can train together. Ask your lady what she needs of you to really feel what you're expecting her to do. Doing this, as the leading man, always try to make you're lady's life as easy as possible! Give her all the space you can and make sure every single movement is (innitially) to please her. If your lady smiles while your training this you're doing it right! Believe me I know it's true. I've told this to some copples I teach and they all said their dancing became much easier, lighter, more in harmony.
To give an example of the things I told check out the Standard Champ 5-dance final on
http://ballroom.mit.edu/comp/2005videos.html. Look especially at couple 145, Chockuba-Sztiech. See how he moves his upperbody (especially between 0:00:25 and 0:00:30 and in the Viennese Waltz, but not in Slow Foxtrot). Then pause at 0:01:07, Look at that horrible right shoulder!! That's one of the reasons you should lead with your upperbody, resulting in making lot's of space in your dancehold and creating a big-knat top!!