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By default the game will use historical strategy, finances, and league totals modifiers, which help keep statistics accurate overall. You should have no problems if you use the historical creation wizard.
However, please be aware that if you want a true simulation that includes a lack of free agency and more complete roster rules, you will need to go into advanced mode and turn off free agency. You may also need to alter some of the other settings and create a reserve roster size, waiver period rule, designated for assignment period, turn on the rule 5 draft and enable minor league option years. I believe that all of these things were in place in 1960, except for the reserve roster, which is only used for OOTP purposes when you don't have minor leagues under your historical major league.
I'm working on a new guide for historical game creation, but I won't have it done until the end of the weekend. In the meantime, the manual will explain all of the league options that you have available.
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