I have to wonder if whatever caused the fret wear (which I would assume would be extreme humidity or something) would be the same thing that caused the skunk stripe to get funky and maybe even the neck to warp, putting the action that high. I've heard of acoustic guitars hung up on non-interior walls next to open windows where the light, heat, and humidity fluctuate like crazy having similar effects where the whole body gets warped to the point of looking like a question mark, and the guitar gets ruined, and I have to imagine electric guitars would see maybe less extreme but similar effects under the same conditions.
Either way, if there's a foundational issue with a guitar that can't be fixed with a few straightforward maintenance methods (like the messed up skunk stripe), send it back.