Just once I want someone to come into my shop and, when I tell them their guitar is buzzing because the action is too low, not have them say, "Well, yeah, but I like it low." I know you like it low, EVERYONE likes their action low. The trick is having it as low as possible while not buzzing.
At any rate, for an acoustic, spec action is about 3/32 on the treble side and 4/32 on the bass side. Measure these from the top of the twelfth fret to the bottom of the string, and get yourself a good ruler to check it with. On and electric, you can usually go almost 1/32 lower, but it really depends on your playing. Bass is about the same as an acoustic guitar.
There is, however, a lot more to a setup than just that, and I highly advise that you take your guitar to a good tech, as there are parts of the job which can damage the guitar (not likely, but it can happen). We will also do it faster, and better, because practice does make perfect (at my shop we setup about 2000 guitars a year, and that is a lot of practice). You also don't have the tools to do things like adjusting the nut correctly, and that is an important part of a setup, as there is not a factory in the world which adjusts nuts properly.
As for a good website, Frank Ford's
Frets.com is the best site for information like that, though he is only talking about acoustic instruments.
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