Hi Keagan,
I don't have a load test based on the number of channels a subscriber subscribes but I will try to answer your questions based on the structures that the module uses.
If you are only using one of the stream modes (not polling or long polling) the number of channels will change the amount of time to start the connection since the subscription is sequential, but after that makes no difference.
This time is influenced by the number of channels you are subscribing (m) and the number of channels already in the server memory (n).
The complexity of this operation would be something like "m.n.log(n)".
Based on this information, is better to use fewer connections as possible. Of course, is up to you decide the number of channels that you need based on your application's requirements.
Other than that, I guess that multiple WebSocket connections would make your app try to handle multiple concurrent events, which can be problematic sometimes.
Regarding the question about channels/subscribers performance/memory consumption, the only difference in the scenario you proposed is that fewer subscribers use less memory.
But, if you consider one channel with one or thousands of subscribers you have a difference on the time that takes for propagating a message since the delivery is sequential (on the same Nginx worker).
Imagine that you have a fair distribution: 1 channel, 1000 subscribers, and 4 Nginx workers (resulting in 250 subscribers in each worker). So the first subscriber receives the message, then the second and so one until the 250th. Only after that, the first subscriber will receive a second message.
Hope that you can use this information to make your application and the module fits your needs.
Let me know if I can help in something else.