Re: Fret leveling or replacement?
Frets need to be levelled to match the lowest point on the neck. So you'll want to find the most heavily worn fret, and that's how high all of them will be if you have them levelled. If that's too low for you to play comfortably, then you'll need to get a full refret. Keep in mind that the difference in cost between a levelling and a refret isn't that much in some cases. Everyone charges something different, but in many cases, it's less than $100 difference between the two. So if you're not absolutely sure you can play on the frets once they're levelled to the new height, it might be worthwhile to just have it fully refretted.
Another option is a partial refret, if only some of the frets are worn. But once again, the work involved in doing this means that it won't be that much cheaper than a full refret.
Ryan