I've always gone for lowest action i can get away with. I dont measure, rather just keep lowering till the i hear the first fret buzz when fretting, and therein is my string height. The occasional fret buzz has been amended by some truss rod action, but if that doesnt work, then the string height is adjustment is done.
High action makes me make mistakes, so i never use it, and also i'm not a digger in, so i dont twang the strings, which i suppose ya cant do with a low action.
Famously, Percy Jones was quoted as favouring a high action on his fretless basses