Illustrator :: Create Custom Ellipse

1) I'm trying to do is to create an ellipse that has less steep curves at its corners (essentially making it a little more rectangular). I realize that if you create an ellipse, then use the direction tool, you can pull on the guidelines to make the curves less steep and achieve the affect I want. However, I was wondering, is there a feature when I can just enter in an amount and it will adjust all four corners to that amount without me having to fineagle with the direction tool?
 
2) Is it possible to create my own custom type of elipse where when I use the ellipse tool, and drag it out to make an elipse, it will already have these corners that I'd like?