I have my first acoustic and I'm assuming it needs to be setup but I'm not sure how to tell. It's a Fender T-Bucket 300CE and the string height at the headstock is alot lower than at the soundhole...

Probably .3cms at most at the headstock and just over a cm at the soundhole.

Any help would be appreciated?!
Is it a bargain guitar?

If it's <$500 I'd say do it yourself. It's worth learning the ins and outs of a truss rod.

I even fabricated a bridge out of my library card. It's not like I ever read.
"Virtually no one who is taught Relativity continues to read the Bible."

"How do you know if you need a setup?"

To answer that simply, let me ask you this. Is the guitar comfortable for you to play? If not, get it adjusted.
Go to the Frets.com site:


And read the section on "instrument set up". The guy gives you the standard measurements for setting up an acoustic guitar.
You can easily see if there's room for improvement.

It used to be that nearly all acoustics were shipped with rather high action, so that picky players could adjust them to where they wanted. (it being much easier to lower an action than it is to raise it....)
However, the last two I bought (both rather inexpensive) have been pretty much spot-on right from the store.