Not really just a contactor needed but a motor starter, which has built-in overloads. Small single phase submersibles have overloads in the motor, three phase motors do not.
With a 40/60 pressure switch a 119 gallon tank holds 31 gallons. With a 50/70 pressure switch it only holds 28 gallons. Cut the pressure switch bandwidth in half to 60/70 and the tank only 14 gallons of water. With a 5 PSI bandwidth (65/70) it only holds 7 gallons of water. Two of those 119 gallon tanks would bring you back to 14 gallons, which is a lot of wasted space in tanks that could give you 60 gallons of water before the pump comes on.
Soft starting the pump/motor by reducing the torque is good, as long as it is not done with a VFD. A VFD ramps up slowly, and the thrust bearing doesn't get any film of water for lubrication until the pump is up to 50% speed (30hz). So you would need a VFD that will ramp up to 50% speed within one second, and then soft start from there up. Most domestic VFD's are cheap and do not have that option. A motor actually has less wear starting across the line at full torque, than ramping up to 30hz slowly.
Reduced voltage soft start is the best, as it doesn't ramp up to speed. And a reduced voltage soft start can be had by just not over-sizing the wire to the pump. The following is from Franklins AIM manual found here.
http://www.franklinwater.com/media/110562/M1311_60_Hz_AIM_12-14-WEB.pdf
Reduced-voltage starters may not be required if the maximum recommended cable length is used. With maximum recommended cable length there is a 5% voltage drop in the cable at running amps, resulting in about 20% reduction in starting current and about 36% reduction in starting torque compared to having rated voltage at the motor. This may be enough reduction in starting current so that reduced-voltage starters are not required.
In other words, if you use the longest length of the smallest wire possible for the horsepower of the pump, you get a natural soft start with 36% reduction in starting torque. A 2HP pump using 150' of #14 wire makes a natural soft starter. That will be hard to do with a three phase motor as you would need to stretch out 320' of #14 wire for a 60' well.
However, starting torque only happens during pump start. So if you don't start (cycle) the pump very much, you don't need to worry about starting torque. I only see problem with starting torque when the pump is allowed to cycle too much. This is more of the case in small casing than in 8" casing like yours. The biggest problem with starting torque is wearing out the wire as it slaps against the casing and drop pipe. It doesn't slap against 8" casing as bad as it does 4" casing. No need at all for torque arrestors with steel drop pipe.
There won't be enough torque in a 60' deep setting to cause a problem with plastic pipe either. Steel pipe in a well like that is rare these days, as plastic is plenty tough and won't rust out. Using double jacketed wire and taping it to the pipe good is the best way to not have to worry about starting torque.
The most important thing to add in 8" casing is a 4" shroud over the pump. This will protect the pump from banging against the casing, and make sure the water flows close to the motor to keep it cooler.
A CSV also gives a mechanical soft start. Starting the pump against an almost closed valve is good for the pump. The inrush amps are greatly reduced that way. Either the CSV and/or the long length of small wire will give you all the soft start needed.
You only have 1.5 or a 2HP pump setting at 60', you are making a mountain out of a mole hill. I would use #14 wire, a PK1A with a 10 gallon tank, and a regular 50/70 switch. You can probably ebay those two big tanks to someone who doesn't realize they are dinosaurs, for enough to cover the entire costs of everything else.
Oh and PS: I have those Allen Bradley switches on the shelf if you need one for $375.00.
See here...
https://cyclestopvalves.com/collections/pressure-switches/products/allen-bradley-pressure-switch