Yes, It looks like each string has it's own adjustment. It came with two allen keys for adjusting various things. I don't think I want to loosen the screws over the strings, and have the string pop out in my face. Is it best to loosen the string, adjust the intonation, then retune? Or, can it safely be done with tension on the strings? I think I'll just try changing the strings out with some Ernie Ball Regular Slinkys, and mess with the intonation.

There is no manual in site(I don't even think it came with one), and I can't find any info on the Washburn site regarding recommended settings.

Looking at the tutorial I found below, It appears I have a Strat Style Floating Bridge. After reading the note that both top screws should be adjusted so each saddle is level, it might be hard to get them adjusted perfectly in such close quarters. I guess as long as I turn them both equally, I will be ok. I only really need to raise the Low E string anyway.
http://www.projectguitar.com/tut/action.htm

Could a bowed neck cause the buzzing I'm experiencing? It's kind of hard to believe this thing was professionally setup, if its this out-of-whack.

The pickups are fairly nice, but I've heard of people seeing major improvements by upgrading them to Dimebuckers, or even the cheap LACE pickups that MusiciansFriend sells.