Depends on the overflow, I think. External overflows that rely on the principles of siphoning there are actually disadvantages for going to large or over doing it, as it were.
With a drilled tank my theory would be that the more drain capacity you have the better off you'll be of avoiding certain types of floods from either back up's or a loss of siphon like on an external overflow.
Other than that there is nothing saying that you can't stuff 4 drains in 1 overflow or 4 drains in 4 overflows (1 each).