Change strings first. Then maybe adjust the action at the bridge. Then if you absolutely have to adjust the truss rod.
I've said this before and people have disagreed with me, but in the world of today's electronics, as long as a pickup is outputting enough signal, you can make an electric instrument sound like almost anything. I have a Line 6 Pod XT, and it has hundreds of sounds on it, from really warm and bluesy to hard and brittle to way way overdriven. I probably wouldn't blow too much money trying to trick out a Fender when there are so many much higher quality emandos out there.
I would change the strings and do your own setup and then go to a music store and play through some effects and see if you can't find something that makes it sound more to your liking.
If you are used to an acoustic mando it takes some time to get used to the feel of singles courses on an emando. Other players who want to try an emando for the first time are always suprised at how the lone e-string feels like razor wire in their delicate little fingertips.
Forget with the cowbell, already...
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