Is there more than one way to set the string action ? There suuuure is, personally I like my strings what I would like to call a middle thing between far away and close.

What I mean with this is that I like to set my strings so they kind of "breathe" or they dont get in touch with the frets at all and I dont mean where they create string buzz but just where they sort of create a snapping sound, you will know what I talk about if you hear it for sure.

But then again I want the strings close enough so I dont need to use a lot of force to make the string contact the fret which is what it's all about. But theres no right or wrong here just what ever feels right to you
See the video