i play mostly les pauls with 10-52 blue steel sets on them.
low e at 12th fret is 5/64"
hi e at 12 fret is 4/64, or 5/64...depending on the guitar.
with a straight neck, or a neck with VERY slight releif, those settings will get you in the medium action ballpark, good sustain, little buzz, and nice playability that sings.
pickups, generally, i adjust my pickups like this.
bridge pickup adjustable "E" string poles are pretty close to flush on the pickup set at 1/16". each individual pole piece will be at 1/16" too. sometimes on a boomy pickup, or a bassy guitar, i'll back the bass side down a hair.
the neck pickup can be slightly tricky as i like a metal sound from the bridge, but a more vintage, woody sound in my neck pickup position. USUALLY 3/32" on each polepiece on the neck pickup will get you close...but then i like to back the bass side down from there to around 5/32 on the E and A strings and wherever the D string falls, i leave it. this enables the bass strings in the neck pickup to be clearer and not as muddy and saturated, and the D and G strings tend to be more vocal to my ears.
my pickups of choice are duncan custom in the bridge for les pauls and either an alnico 2 pro or '59 in the neck.
i do have other pickups in other guitars, and these are the settings that seem to work best for me in most high/mid gain situations in a live setting.