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The defaults I believe are quite good (I know a few years ago they seemed well off, but I know Markus did some tuning of them again this year too), but if you want to adjust them up or down, you're more than welcome to.
You can always try out with those values. Create a league, set the values what you want, and sim out 20 years and see if you have too many old guys sticking around, or guys are developing too quickly that they're not spending time in the minors, or whatever. Getting outside of the 0.65-1.5 range I would expect you might start seeing weird patterns develop, but if you're within that zone it should be fine.
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