This has been a useful conversation. I find blending floating pellets and flakes, often with some treat prawns on top, gives all the fish a fair shot. The koi and older fish go to the surface for the pellets, while the younger fish swarm beneath, eating the flakes. I only feed twice a day most days, for the reason Lisak1 gave. My pond is mature and totally overrun with plants (which is how it will stay this year--heron problem), so the fish find plenty to forage throughout the day.
I don't use the five-minute rule, because the koi would be the only well-fed fish in the pond then. I figure as long the fish are all actively eating what I've put in the pond, it's not too much. They seem to go in shifts, too, so in a way it's just a bunch of 5-minute rules for each shift, linked consecutively. I'd say the fish eat the food in 15, maybe 20 minutes, if they are not efficient at finding it. (It drifts into the plants, and while the fish are constantly looking to eat at feeding time, it can take them a while to find some of those pellets. I don't regard that as overfeeding, just because they didn't find the food right away.)