i would work to decrease it as much as you can without causing pain. usually when someone lofts the ball it means the ball is coming off the hand after the flat spot in your downswing. this would sacrifice ball speed causing the ball to slow down early possibly sacrificing entry angle and carry.
For the most part I agree with cheech.
I speak as someone who has "suffered" with too much loft, developed when my house's stock pattern was ferociously dry and I needed to loft the ball to delay the hook. When, about 8 years later, the oil got heavier (medium-light to medium), my ball reaction was bad. It was a hard habit to break. My loft was indeed too much, hitting it in the upswing, the worse case.
That's the problem with loft: until you video yourself you can't really "see' if you're doing it wrong. "Wrong" to me is when you hit it on the upswing, actually lofting the ball above the height at which you release it. The proper release, as far as I have learned, is when the ball either goes into the lane or just "lays itself onto" the lane, like an airplane landing. You probably won't see Mika, the most famous "lofter", hitting up on the ball. His ball hits further out onto the lane, but he gets it there by keeping it in the plane, the height at which he releases it.
I used to loft the ball a good 10 - 12 feet, just short of the arrows. Over the years I have gotten my loft down to the 3- 6 feet range, but it took a lot of long hard work, during which my average was not very good at all. 6 feet is still too much loft.
I'd suggest working on your knee bend and strengthening the leg muscles to support the deep knee bend. It is one of your best friends in bowling execution. It can help you reduce your loft. Of course, a good thumb release is as much of an essential as the knee bend.