2nd (better) beginner guitar

I have recently picked back up the guitars. My buddies want to get out and play some open mic gigs and I'm wicked rusty. I never had more than 10 chord vocab so consider me a complete beginner. I have an Ibanez e-acoustic that plays nicely BUT I have an old "Premier" strat knock-off that has really tough action. I dont want to blow a lot of money on an electric guitar that may not see more than a handful of gigs but I want something that wont make me want to put it down for another 10 years. I'm sure you follow. .... advice AWAY!!