#1
I have Takamine EG540SC like the one in this picture:



The action on the Low E String is about 5mm above the 12th fret. Is that a little too high?
#3
5mm is actually a decent height there. If your comfortable with changing it, you could remove the saddle and sand to bottom surface of it to lower the action a tad. Be warned tho, if you remove too much, you can't put it back! A little goes a long way in other words. As long as it doesn't buzz anywhere along the neck, go for it.
If you do decide to sand the saddle, make sure to tape a large piece of 250 grit sandpaper down to a totally flat surface, then work the saddle on that. It gives you more control and insures a flat bottom on the saddle as you go. Btw, this little procedure will also lower all of the other strings as well. You have been warned.
Nice axe too. And a lefty to boot!
#4
Only if you don't like it that high, the idea is to change the action to a place that suits you. If you like it where it is and it is comfy and easy for you to play, and you like the sound, leave it there.
#5
well if you like it that high its fine if you dont then its not. mines like 4mm above 12th and its a bit high, but if you like it liek that its fine.
I'll believe in anything and you'll believe in anything.
last.fm