#1
I have a 60s Eko Ranchero 6, The action is ridiculous on it.
The action at the bridge is significantly higher than that of the nut which makes it impossible to play anything past fret 5, and chord playing extremely difficult (and I have hard fingers)
I like playing slide on this guitar which is great, but I cant play anything normally.
The strings go through little grooves so Id have to somehow lower the action.... point is, should i?
#3
Vintage instruments often need expensive restoration work to render playable... Those measures aside, a set up might solve your problem. If you're not familiar with the term, a set up is making a series of interrelated adjustments (and sometimes leveling the frets) in order to make an instrument perform optimally (good action, play in tune, acceptable tone...). You might want to take it to a repair shop... although if you're cautious you could do the adjustments yourself (fret work on the other hand is pretty tricky).

Here's how I set up an acoustic: http://fingerlakesguitarrepair.com/pages/repair-descriptions/set-up/taylor-set-up.php