Hi Mark, welcome to Tradgang!
For bow hunting, you're eventually going to want a weight of about 45# (or more). That's not the best weight for you to learn on, though, so I like your idea of getting something in ILF so you can learn, and perhaps shoot tournaments, with 40# limbs, and hunt with 45# limbs. Bows are usually marked at the weight of the bow at a 28” draw length, so you would be looking for a bow marked about 43# to get 40# at your draw length, and 48# to get 45# at your draw length.
You may end up with a different draw length after you become accustomed to a recurve, so while it is common to cut arrows about an inch longer than your draw length, I would suggest starting with arrows cut to 29”. That will give you room for a longer draw length, if that happens, and to trim the arrows if you need to to get a better tune. Most people use carbon arrows these days, and a .600 spine carbon arrow with a 100 or 125 grain tip should work for your 40# limbs. Assuming you want to hunt, you will want a heavier point or broadhead on your hunting arrow, so probably something like a .500 spine arrow with a 150 grain point or broadhead would work on your 45# bow. If you want a heavier point, you could cut an inch off the 29” arrow, which would stiffen it some, and probably use a 175 or 200 grain point.
For a recurve to produce best results, it is necessary to bend the recurve limbs far enough that the recurve ends open up. A tall person with a draw length of 29-30” would want a fairly short riser on a 60” bow so as not to overextend the recurved ends. A shorter person with a draw length of 26.5” would want a longer riser and shorter limbs so the recurved ends would be able to bend more. I can't tell you exactly what length riser you should get for a 60” bow, but I would guess somewhere in the range of medium to long would work. At your draw length, you could also use a 58” bow, if you plan to shoot in places where you need the extra maneuverability.