We don't label them 30/50 or 40/60 anymore, that must be a very old valve, which is good. An old 30/50 is actually a 40 PSI valve. And yes the tank size matters. It will take forwever to get to 60 PSI in a 119 gal tank starting with a 40 PSI Cycle Stop Valve. To keep from taking so long to fill that big tank, you need the pressure switch set to shut off about 45 PSI, maybe a little higher if your gauge is off. Where it comes on is not important except that you need less air in the tank than the pressure switch start point. So if you set if for 30/45, you need 25 PSI air in the tank.
Normally with that large a tank I would use a 60 PSI CSV and set the pressure switch to 45/65, with 40 PSI air in the tank. 40 PSI is just kind of low for me, but no problem if you can live with that pressure.