As far as "action" which is really relief, this is how I've learned to check it accurately, and it can give you a good idea of an area of the neck potentially causing string buzz.
You simply place a capo on the first fret, and fret the 15th. Then check the distance, provided you have a feeler gauge handy. between the top of the 5th fret and the bottom of the string. That distance should be roughly .005" to '006". From there you can adjust your truss rod accordingly.
What are the factory specifications for acoustic guitar setup?
String Height (measures top of fret to bottom of string):
Bass-side string height at 12th fret: 3/32"
Treble-side string height at 12th fret: 2/32"
Relief (measures distance from top of fret to bottom of string while fretting the 1st and 15th fret):
Relief at 5th Fret: .005" (a post-it note folded in half is about .005")
We consider these measurements to be a "medium" action height. You should have some room to lower the action from these measurements, but keep in mind that an ultra-low action usually requires lighter playing or adjusted technique to prevent buzzing. Feel free to give us a call if we can be of any help.
Remember that a little bit of tightening or loosening goes a VERY long way, so be gentle. I'll bet the most I've moved a truss rod nut is about 1/8 turn. Also remember to let the neck settle after any adjustment, then check again.
TRUSS ROD LOOSE: When the truss rod is too loose, the neck bows forward. This raises the string height but a slight amount of forward bow can reduce string buzz. Turn the truss rod nut clockwise to counteract this condition.
TRUSS ROD TOO TIGHT: When the truss rod is too tight, the neck bows backward. This lowers the string height and increases string buzz. Turn the truss rod nut counter-clockwise to counteract this condition.
West