If you check the minimum appearances of an EC, you will see that 1:60 is slightly better. Talos chose 1:60 because it was the maximum he could afford comfortably. He first chose lower ratios (like say 1:45 or 1:55) before he finally settled on 1:60.

The ratio determines how many misses we can take before a divisor bet-sizing reduction kicks in. The higher the ratio, the greater chance of closing the game without exceeding it. The ratio system tracks negative variance, lowering the bet sizing as the negative variance grows and raising the bet sizing as negative variance shrinks (positive variance kicks in).

Talos' debt recovery system is what you are looking for to recover your debt in multiple chunks. It is a premier banking system.