the 50/60Hz thing is largely driven by alternator shaft speed in large alternators, and what could be efficiently run thru BIG transformers with simple iron cores. Some of the railways ran 16.6Hz because it made the motors on the locomotives more efficient and weight hardly mattered there, sort of the opposite of the 400Hz aerospace use case.
You want AC, simply because fusing and switching it is MUCH easier then DC, especially in large quantities (Incidentally why for the most part HVDC links are point to point, you fuse the AC side at each end, not the DC).
The lions share of the load is still motors, (Possibly also electrochemistry in some regions) usually of the old school synchronous type so you want something that will not be too horrible when powering big pumps, fans and such, also something low enough frequency that standard, dog slow rectifier diodes do not cook from reverse recovery, that probably argues for no more then maybe 100Hz or so, tops for fixed site stuff.
120V does not really get you enough woof for some very standard EU household loads, and split phase is a pain logistically when most of the installed distribution plant is three phase, you would end up having to shotgun 400 -> 120-0-120 iron all over the place, would make a real mess.
In any event 120 Vs 240 given the prevalence of RCD (GFCI) devices seems like splitting hairs, nether is a big killer these days unless something goes very wrong.
While you might increase the frequency a bit if doing a redo from start, the physics of the big alternators and their turbomachinery has not much changed much so I doubt it would be a massive increase.
Regards, Dan.