Funnily enough, as I'm reading this page the aphorism under the banner is "Keep It Simple, Stupid" (no offense, it really is what it says)!

If you want the script to do something once every sixty seconds, why not simply run it under cron (or atd or windows scheduler or whatever) every minute?

You wouldn't have to worry so much about memory leaks or monitoring for your process getting inadvertantly killed, etc either. Am I missing something?