John: I am not sure how exactly you measure action on your guitar. Usually action is measured at the 12th fret!
And if it would be exactly 3.0mm at the 12th fret (low e-string), which is 1/8" or 8/64", that is a bit higher than factory spec which is 5.5/64" to 6/64" for the low e-string. Those added 2/64" make a difference.
But also it depends if you have adjusted your truss rod first?
Always adjust the truss rod first and second adjust the action, not vice versa.
And the guitar need to be tuned to pitch when you do it.
Here is a good Taylor tech sheet about it:
http://c3.zzounds.com/media/truss_rod_adjustment-c53669fbee160b82ed2b3d44fed49ac3.pdf
Now
after you are 100% sure that your truss rod is set correctly, you can now check the action on the 12th fret.
In a previous Guild owners manual Guild wrote for the 12th fret test:
On the low E string: The gap should be from .085" to .093" (5.5/64" to 6/64").
On the high E string: The gap should be .070" to .078" (4.5/64" to 5/64").
Since I posted Taylor's tech sheets as example, they use 6/64" (low e-string) and 4/64" (high e-string) as standard settings.
Here is their guide for checking the action (and adjusting the saddle if needed):
http://c3.zzounds.com/media/action-7ff530daa50f07b282eb101094a987d4.pdf
Using a 6" ruler (with 1/32" and 1/64" increments) does an excellent job here. I bought such one from an Automotive shop, as millimeter is not fine enough for action measurements.
That below right picture shows already a slightly too high action (8/64" instead of 6/64" in that case).
Ralf