I've been looking at getting a second, cheaper guitar to learn on, something that I can beat up and not worry so much about, so I was trying some out in the store the other day. I picked up an Ibanez (i'm not sure which model, but it was about $150) and I really like the feel of the neck and the low action, so I was thinking about trying to lower the action on my Schecter Hellraiser.

My question is, how far can I lower it, and are there any things that this can affect negatively?

The actual process of lowering seems simple enough, but is there anything I need to be aware of before I mess with it?
The two main things to watch out for are starting to get some serious frett buzz and making sure the inotation is ok across the frett board.