Tim,
Great question!
If you want to feed more numbers of fish, increase frequency. If you want the feed hogs to grow much larger, feed fewer times per day. Some fish are more aggressive than others and will dominate the feeder. If those fish are full, they are less likely to dominate, making room for the less aggressive fish to eat. Depending on the temperature, it takes about 8 hours for fish to digest fish food.

Teach a man to grow fish...
He can teach to catch fish...