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If a male has Ferritin of 350+ but Serum Iron of 81, would donating blood be a good course of action?

It would not be advised to have someone donate blood based on ferritin or serum iron results alone. Other biomarkers and clinical conditions must be investigated first.

Therapeutic phlebotomy is only approved for three specific disorders in the US: hemochromatosis, polycythemia vera, and porphyria cutanea tarda, It may be used more broadly in other cultures or practices including Chinese medicine.

Assi, Tarek Bou, and Elizabeth Baz. “Current applications of therapeutic phlebotomy.” Blood transfusion = Trasfusione del sangue vol. 12 Suppl 1,Suppl 1 (2014): s75-83. doi:10.2450/2013.0299-12

You want to investigate why ferritin is elevated.

With iron below optimal but still within the standard range, the elevated ferritin could be related to excess inflammation or acute infection.
In acute care settings, ferritin may increase above 505 ug/L in acute infection, and 1000 ug/L in acute kidney failure.

With elevated ferritin above 100 ug/L, a transferrin saturation test is indicated.

Dignass, Axel et al. “Limitations of Serum Ferritin in Diagnosing Iron Deficiency in Inflammatory Conditions.” International journal of chronic diseases vol. 2018 9394060. 18 Mar. 2018, doi:10.1155/2018/9394060 [R]

In your case, evaluate RBCs, hemoglobin, hematocrit, transferrin saturation, and inflammatory and immune markers to investigate the cause of increased ferritin. Iron levels will be incorporated into the calculation for transferrin saturation.