As long as air doesn’t blow a glass out of you hand when you open a faucet, you really can’t have too much air in a tank. The Air Volume Control that you have the pressure switch screwed into is suppose to let out any excess air. I doubt that it works however, because you have it all taped up and there is a ¼” valve closed below it. I also do not see but one pipe going into the tank. So it must not be set up to work with an automatic air charge system like a bleeder orifice. The fact that it took 10 minutes for the pump to come on, and that it took a minute for the pump to refill the tank, means that you did have some air in the tank, which is good. If you hear it come on in a few seconds or the pump refills the tank in a few seconds, then you need more air. More than a minute filling or draining the tank means you probably have plenty of air. Air does go out with the water, so you do need to add air if you don’t have a working bleeder orifice system. 40/60 or something close is not too much pressure. Although I see some rusty spots in the bottom of that tank, which means it may start leaking at any pressure. Start thinking about a new tank before that one springs a leak and causes more damage. I would switch to a bladder tank so you don’t have to worry about air charge. The only reason to stay with a galv type tank is if you have something smelly in the water.