It's absolutely ridiculous that the action at the 3rd fret is 2mm and the action at the 12th fret can't get any lower than 5mm without fret buzz.

I'm sure that a lot of understand my frustration.
a while ago someone suggested placing half of a business card in the cavity under the bass of the neck in order to level the straightness (or angle if you will) of the fretboard. The goal is to try and get the action in the upper frets the exact same as the action closer to the nut.
I tried this method and it actually works

The result is approximately 2.5 mm action from the nut all the way up to the base of the neck.
Of course to get it absolutely perfect with no buzz, I had to raise the bridge saddles and sand down a couple of frets in some areas that were a knat's behind too high.
I am very pleased with the results.
Oh, and this method was done on my 5 string Squier P Bass 5 string(bolt on neck). The action is absolutely beautiful now.