What drawbacks are there in scheduling an event to run every too often,say after every 60 seconds?
A server has very many events happening every minute.  Having an event that happens every 60 seconds is not automatically too frequent

If the event runs quickly and affects a small amount of data, then there should be no particular worry.  The bigger the impact of the event (CPU,I/O,memory,etc) the more cautious you need to be about scheduling.