The high action is a little "cleaner" due to less fret buzz, and there is slightly more sustain, but the tone is pretty much the same either way.
I run 4/64" minimum to 5/64" maximum @ 12th fret, and it's the same for all 6 strings.
Because I'm a bit heavy-handed, I run 026-036-046 for the wound strings with 009-011-016 for the plain. It also helps when tuned down a half-step.