I usually go by Fender factory specs when doing setups on my Fender guitars, the first-fret action is 0.020 inch, and I normally set the 17th fret action for all the strings to 4/64ths, or 2/32s, or 1/16th inch, that's a low enough action for me, neck relief at the 8th fret is usually 0.010 to give a slight forward bow to the neck, and then I use a 9.5 inch radius gauge to set all the strings right.
Using imperial units of measurement is a habit I got into while working in my dad's workshop as an apprentice fitter and machinist.