Just my $0. 02:
Too much water and you will have to let it split longer, and it will naturally take a longer time decanting the water to go to your next wash.
Too little water and you will need more washes to fully clean your fuel.
The 1/3 to 2/3 ratio is not critical to follow right to the ounce, but you should be fairly close, i. e. 1/2 gallon either way in a 40 gallon batch should be no problem.