Quick 'n' Dirty Way...."Shim the neck" - Take the strings off....Unbolt the neck, Slip a piece of card (cereal box card 1/2 inch x 1.5 inches) into the bottom of the neck pocket (the side nearest the
neck pickup...and put it all back together again. If it's still too high then repeat the process. Remember not to make the action too low or the strings will buzz on the frets when you play up high on the neck.
In usual Jimmerwoo style I have turned to MS Paintbrush once again to illustrate what I mean.
Your bridge or even your nut might still be too high though. If your bridge is too high, I guess you could either shim both sides of the neck pocket to raise the entire neck level. Or lower your bridge...I assume this is why you can get Low profile floyds now. Or replace with a lower bridge. If the nut is too high,...you need to carefully route out a deep nut slot.
Mind you, all these adjustments are gonna piss off your mate if you start hacking up his guitar! LOL. Nice of you to suggest it to him though, but he might like it. I would never buy a guitar with high action.