Taylor uses pre-cast Tusq saddles with B-string compensation for the most part, and those are widely available as new parts. Some lowering will likely be needed. 114's are noted for being fairly bright, and bone would likely just reinforce that tendency. FWIW, I have never replaced the saddle or nut on anything purely for tone "improvements", only when they wear out or I went too far in slotting or sanding. But more power to those who do change for tone.
If you want to lower the action, determine the amount of lowering you need at the 12th fret and sand off twice that much saddle height. Example: reduce action at 12th fret by 1/32", sand off 2/32" = 1/16". Work slowly, or be prepared to do it repeatedly! Patience is your friend.....
For pickup performance and best acoustic tone, the bottom should remain as flat as possible. I sand against an old mirror, being very careful to keep the saddle blank perfectly vertical. It isn't rocket surgery, so give it a shot. I always leave the original part alone and start with a fresh blank -- makes it easy to restore the original condition. You might also want to try a shim first. Many techs use a piece or two of paper label stuck to the bottom of the existing saddle and trimmed with an X-acto knife.
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