Just use a bunch of smaller schedule loops.
function everyhour()
{
}
$mintohour = 0;
function everyminute()
{
$mintohour++;
if(mintohour > 60)
{
$mintohour = 0;
everyhour();
}
schedule(60000,0,everyminute);
}
Anything in "everyhour()" would run... every hour.