It's not going to connect to most of them. The protocol doesn't scale linearly with the number of peers, so most clients won't connect to more than like 50 at a time. And will download from even less.

With an infinite number of peers, 0% of the traffic would be actual file chunks. 100% would be bookkeeping.

I guess that's a long winded way or saying that the issue probably wasn't with the number of peers.