I've never seen that formula lance uses, and I don't think it is right.
For sound, db = 20 * log (ratio)
A sound that is twice as loud as another is ~6db louder -- 20 * log(2) = 6.02db. Similarly, a sound that is half as loud is half as loud is 6db lower -- 20 * log(0.5) = -6.02db
For the original poster, a 60/40 mix would be 20 * log (60/40) = 3.52db higher for the 60% side. Or alternatively, 20 * log(40/60) = -3.52db, so the 40% side would need to be 3.5db lower.
Personally, I can't think in terms of percentages at all. When I see them posted by someone, I need to translate them into db for them to have any meaning at all to me. I'm generally with easyjim with what he says, though it helps me to have an idea on where to start with the board recording vs the aud, or the board vs the onstage mics (or mic pair A vs mic pair B). I listen to each source to figure out what I want out of it, then make some guesses on where I should start with the mixing based on db relative to one another. For this, I do it compared to each source's RMS level, not it's max level.