I would rather play a well set up Eastman than a poorly set up Loar (not that I have ) but I would rather own a poorly set up Loar.
A good set up will make you mandolin easier to play, and enjoyable. You'll be able to use it to its full potential. A mandolin that's not set up well will have your fingers hurtin' and you wondering why you can't have it in tune right. A good set up is like riding a bike with tires full of air instead of flat.
EDIT: I once had a Rocky Top mando that a high nut and bridge before I had it set up. IT was much more satisfying afterwards.
There are two things to aim at in life: first, to get what you want; and, after that, to enjoy it. Only the wisest of mankind achieve the second. Logan Pearsall Smith, 1865 - 1946
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