That's minimal enough that you should be able to fit the toilet directly on it without the need to file it down.

I’m going to redo the flooring but once I’m done installing the vinyl plank it should be approx 1/8” from the top of it

Sorry edit to clarify the flange should be approx 1/8” above the vinyl plank

How high above the floor is the top of the flange?

Hello all, should I try to replace this flange or should I just scrape off the rest of the white ring and sand it flat?

http://imgur.com/gallery/rCc0UDh

I'm planning on using Fluidmaster better than wax ring seal if that makes a difference.

Toilet flange