As far as your action too high or too low which is personal preference you may want to check out this book: The title is Guitar Player Repair Guide (third edition) by Dan Erlewine. It really is the bible of repairing and setting up guitars. I picked this up myself because my pawn shop strat was in dire need of a setup and thought I may as well learn to do this stuff myself. The shops wanted at least 30 bucks for the setup which was the same cost as the book at Barnes & Noble. Best money spent after Guitar Tricks for my playing!

It will walk you thru everything from acoustic to electrics and actually will show you how to make your own pick ups if you really want to get creative. Really getting rid of buzzing, int. probs. will be not be too much for you after a good read. Best of luck.

JJ