The truss rod is not used to set the action, which is the height of the saddle relative to the fret board and the depth of the nut slots relative to the first fret. Can a truss rod adjustment
affect the action? Sure, in a minor way. Only you can decide if an arrow-straight neck will cause buzzing with your preferred strings and your playing style. If you strum vigorously, a really flat neck will probably buzz like crazy. If you are a soft-touch finger picker, you can get away with a lower setup and a straighter neck overall.
If you make an adjustment, just note how many turns you made so it can go easily back to the original condition. Adjustments should be minor -- one or two quarter turns, usually no more. And you don't really have to wait overnight to evaluate them - the neck curvature changes immediately. (It may settle a bit overnight). I go even finer than quarter turns and use one flat on an Allen wrench (hex key) to get 1/6 turn. I have seen some big name pro's adjust their truss rod back stage and seemingly every hour during classes at guitar camps. I cannot feel the difference that closely in my normal play, but they seemingly could.
I make at most two seasonal truss rod adjustments - one in the fall and one in the spring. Dry tops will sink, and wet tops will swell. When I lived in Alaska, despite diligent humidity care efforts I had a taller winter saddle and a shorter summer saddle. When swapping them out on the shoulder seasons, I *might* make a minimal truss rod change then. But not often. Many of my guitars did not need a truss rod adjustment when going from light gauge to medium gauge strings, or when switching between alternate tunings.
Here is a definitive article about setups, written by a highly qualified luthier. Good luck and hope this helps.
https://www.charlestauber.com/luthier/Resources_files/BasicGuitarSetup101-Abridged-May%202015.pdf
