sloar-
Action directly affects the dynamic range of the instrument which does have an affect on tone in certain situations.
For example a guitar with with really really low action will have less dynamic range than if the same guitar was setup with standard action. You won't be able to strum or flat pick as hard on the low action setup vs the standard setup. If you play finger style then lower action will be more desirable for most people. This is one of the reasons some folks have multiple guitars. There is no single setup that is ideal for all situations.
Now changing strings will directly affect tone. Different strings sound different. On the other hand going from mediums to lights should not have raised your action. The opposite should of happened so I doubt the old strings were mediums.
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