I definitely intend to try and reduce the LMB population this summer / fall as much as I can. Hopefully I can get some others to see the light and help out as well.
I am not sure if feeding pellets is realistic for my situation or not. While in the long run it may be cheaper, i don't know that the neighbors will go in on the cost. Additionally, I am not sure that a single feeding station on a 5 acre lake would really be of much benefit - especially since the fish have not been pellet trained.
Adding larger bluegill may be possible though.