IBO ratings are 5 grains per pound, and @ 60 pounds, you will need at least a 300 grain arrow, NOT 400. Not that 400 is bad.....I highly suspect they were referring to spine. A carbon arrow w/ a 400 spine would be great for your set up. But yes, they are referring to TOTAL arrow weight, so nock, broadhead, insert....that's all included.

A 500 grain arrow would honestly be TOO heavy for 60#'s.....