My pond is relatively new; two years old. My original goal in feeding was to jump-start "some" of the bluegill to get them to a "fishable" size so bass and bluegill fishing would commence together after two years. With proper fertilization, I thought the majority of the pond's bluegill would progress slower in weight gain but would ultimately reach a keepable size. My goal is plenty of bluegill of respectable size (3/4# +/-). I don't know at what point it is, but I feel certain that the economic law of diminishing returns sets in at some point with feeding bluegill, ie... that point at which each unit of input (feed) results in a corresponding decrease in unit of gain (fish wt.). I don't think....well, I know I couldn't.... afford to feed all the fish in my pond to the size they are capable of attaining with unlimited feed input. I feed Cargill 36% protein fingerling (like me) feed. It is supposedly a floating feed, but some of the dispensed pellets (maybe 50%) slowly sink. At first this concerned me thinking the feed would be wasted on the bottom. However, I now like it that way. My observation seems to be that larger bluegill prefer to feed deeper while the smaller ones readily surface feed.
Regarding change of feeding location, I have wondered if a large enough PVC pipe ring (4-6") constructed using 45 degree elbows having a spinner type feeder suspended over the center would work. The ring would be free floating, moving about the pond at the whims of the winds. It wouldn't be esthetically pleasing to look at and certain pond configurations might prove unfeasible (hang ups), but it would dispense feed over most of the pond over time as wind currents changed.