I see where you are coming from but we have to take into account the lot size per trade. If a trader is ready to tolerate 80% drawdown based on past data, the the individual most probably will be trading higher lots compared to the person with a 20% drawdown tolerance, assuming they are trading the same system. And there is no point in reducing margin and leverage requirements. I believe when you are setting out to trade a strategy and you have done your homework, you should know your statistical expectations. These statistical expectations should inform your risk parameters. You were ready to tolerate an 80% drawdown because the numbers said you can come out of that based on your starting margin and leverage settings.
Again the coming out of a drawdown part, yes the one who has a higher risk tolerance will need to climb out with a 400% return but remember the individual is trading higher lots and as such will take the same number of trades and the same number of wins as the one in the 25% hole to make it back to break even.