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It's an 8 year old cheapish Yamaha. Never adjusted it before... Wondering if it's loosened off so much that there's barely any tension on the truss rod or something like that. Will mess about with it some more.
After that if I want to drop the action further I'm going to have to file slots into the bridge and drop the saddle more and switch to the lightest gauge strings I can find. Neck reset doesn't seem worth it on a guitar that was £200 (I think?)
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After that if I want to drop the action further I'm going to have to file slots into the bridge
Can you get the bridge saddle out? You can just flat file the bottom of it then to lower the bridge rather than trying to file slots in it. Same at the nut end.
A full neck reset might not be worth it, but maybe a setup (where you don't mind a new bridge / nut going in) might be.
That is the truss rod, yep. How old is the guitar? Might have an effect on the rods usefulness.