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'69 FG-150 here. I had wanted one of these red labels since my roommate used to let me play his '69 FG-110 back in 1970-71. He was a pro, mainly a Hammond B-3 player, but I remember guys in his bands (the bass player for one) had Yamahas of this vintage as their home acoustics.
I got mine from eBay in 2001, and the action was way high. The guy had it set up with Martin mediums. I took it to one repairman who told me to hang it on the wall, then I took it to Precision Guitars in Phoenix. Then-owner Thad shaved down the bridge (he said there was a lot of "meat" there) to lower the action, and it has been great ever since. I guess you would call it a "poor person's neck reset", but it looks fine and plays better.
The neck is narrower at the nut than my Guild dread, but the front-to-back is thicker, with almost a soft V shape. The sound is very balanced and loud for its size.
Great little guitar.
Mike
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