There is no low-level API. IIRC, the data in a touch object is actually returned by the hardware. In other words, that is all the data that software can get.
Having done some touch UI experiments in the distant past, I can tell you that processing real world touches in software is a lot more complicated than you would expect on first glance. It's not like tracking a mouse. A finger is actually a very blunt and imprecise pointing instrument on the scale of a mobil screen. There is a great deal of variation in finger size, pressure of contact, contact area, angle of contact and consistency of contact. It takes a lot of processing to turn that blunt imprecision into a single point or collection of points that an API can easily use.
I wouldn't try to reinvent the wheel even if you find a way to extract more data from the hardware. If nothing else, (puts on interface-nazi hat) if your touch interface behaves different from other apps, users will be confused when the have to switch back and forth.