MrFlibble

If you insist on doing it yourself, here is what you need to do to balance the bridge at the correct height:

• Insert a piece of wood or other hard material behind the bridge to block it off while you remove it.
• Remove the strings.
• Remove the main bridge unit from the guitar so that only the posts and spring claw are left in.
• Use an allen key to raise the bridge posts; somewhere between a half turn and one and a half turns counter-clockwise should be enough.
• Reattach the bridge. Check that the bottom of the bridge's base plate can rest completely level with the top of the guitar; no part of it should be dipped below, or raised above, the guitar's top.
• After restringing and tuning, make sure the bridge stays flat, in line with the guitar's top. If it is tilting backwards at all, lessen the spring tension. If it is pulling forward, increase spring tension.

And to correct the neck:

• With the bridge at the correct height and the guitar strung and set to your most frequently-used tuning, put a capo across the first fret.
• If your guitar has a set neck or neck-through design, fret the 6th string at the 17th fret. If your guitar has a bolt-on neck then fret the string at the second-last fret.
• Look at the gap between the bottom of the 6th string and the top of the fret wire at the 5th-8th frets. There should be enough room for the string to completely clear those frets while vibrating; an easy test is to see if you can fit a pick between the string and fret wire without it being pinched in place. Larger string gauges need more room.
• If there isn't much room between the bottom of the string and the top of the fet wire, you need to slacken the truss rod to add relief. If there is a lot of room betwen the string and fret, you need to tighten the truss rod to straighten the neck. Adjust the truss rod as necessary, remembering to keep to small, slow adjustments, giving the neck time to settle between each quarter- or eighth-turn.
• Retune, rebalance the bridge spring tension.
• With a capo on the third fret, pick the open strings and make sure there is no or minimal buzz. It actually is normal for there to be some very light buzzing, especially with thick string gauges and Floyd bridges, but so long as most of it is gone then you're okay.
• Remove the capo and check for buzzing at the first, second and third frets. If there is more buzzing here than there is elsewhere on the neck, you need to shim the locking nut; you can buy Floyd nut shims online, but simply getting a thin piece of plastic, or even cardboard, and cutting it to shape will do just as well.

And if in doubt, take it to a proper tech. A proper tech, not some guy in Guitar Center or whatever. Any experienced lutheir or instrument tech will be able to fix all of this for you and set the guitar up how you want it; many tech won't touch a guitar until you've written down for them how you like your action, very few will presume to know what's best. Yes, it may seem expensive. It is nothing compared to the cost of replacing a guitar you've broken by adjusting it incorrectly.

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Yes, I know everything. No, I can't play worth a damn.
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