Obviously, nothing says that you can't set 60 as your maximum value and, sometimes I myself set it that way. One last word should be spent over the USE FAN x listbox. In my pc, when a fan runs faster, more than one temperature changes. You can say on which fan every temperature should rely. In my BP6, TEMP1 and TEMP3 are both influenced by FAN1.
Notes Try to lower the speed of each fan and look at the reported speed and the temperatures.
If you do not allow SpeedFan to variate any fan and set all the speeds too low, then SpeedFan won't be able to avoid overheating. Furthermore, both my CPUs are overclocked and my case is quite small. These are the reasons why the preset temperatures are quite high. This error might occur if you first ran SpeedFan in one directory and then moved to another one. Another solution would be to change that dir by hand and eventually rebooting your system.