Bil: I often see it stated that there will be less excreta using "proper" food, but I question how that could be noticeably true. It seems to me that foods that are observed to produce less waste are actually resulting in excreta that does not hold form once in the water. That is, the volume of waste would not be appreciably different, but whether it is solid enough to be captured in settlement chambers would differ. I'll grant you that to the extent a food is better metabolized, some greater degree of conversion to body tissue will occur, but I do not believe the difference would be visibly noticeable. It also seems to me that the foods generally considered to be "low waste" foods are ones that are less likely to bind in the fish's stool, like wheatgerm.
Some years ago I copied an experiment on the growth rate of aquarium plants when a certain combination of nutrients were added. What most stood out to me was that when the most luxuriant growth was dried to do dry-weight comparisons, the difference was too slight for me to measure with the scales I had available, but to the eye the difference in growth was obvious. ....Sometimes the eye is a reasonable tool for measurement, but not always.