It's a question of math.
You: 120 weapon skill + 45% DCI
Monster: 120 weapon skill
You get hit 34% of the time (see: stratics combat calculator)
At 60 parry, you get a 20% chance to parry
At 120 parry, you get a 35% chance to parry (both 1 handed weapons)
Which means at 60 parry, you actually get hit 27% of the time.
At 120 parry, you actually get hit 22% of the time.
So the question is, is a 1 hit in 25 difference worth the investment of 60 skill points?
The answer is, due to the difference in wrestling skills of different monsters, the extra skill points could be used well in parry (i.e. if you're fighting a 150 skill point monster) but usually, it's better being set to 60 for the mana reduction and no more.