While most people think the Type 88 is pretty bad, it's actually the best lmg to use with a bipod. It has a moderate recoil profile to start off with along with a low rpm and gets a bigger recoil reduction from the bipod than any other gun in the game. However, without using a bipod it's definitely outclassed by the other lmgs so you shouldn't be doing anything other than using it for suppressive fire.
All the LMGs besides the default ones (the ones with the 45 round mags) can use the extended mags spec, giving them 200 bullets. So you'd want to use that with the M60, which has the slowest rate of fire