OK dude, no problems,

1) SRV had a very specific setup and was a tone monster. Id start whith the overwound single coils he had on number one. You can find the specs here however this is not the end of the story as SRV had a very intricate amp set up and played with a very defined style. Getting an exact copy of the way he sounded will be difficult. I also think he played with 12 gauge strings which would contribute to his tone also.

2) FR trems:

Check out this article for more info on setup. They are time consuming and painful and (IMHO) not worth the grief. I have one axe with a FR on at the moment and once it is set up, it stays locked down for as long as possible !

Action hight is controlled by the hight of the bridge which is a balance between the force generated by tuning the strings and how tight you have screw the springs in the back of the axe. It is possible to work it to the point where you are happy with it but it takes a little time.