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Vaniver comments on Rational approach to finding life partners - Less Wrong Discussion
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I think of it more as a Type 1 versus Type 2 error tradeoff; there's a point at which you are excluding too many people, true, but I'd treat it less a function of raw dates, and more a function of the number of obviously unacceptable dates you have. You can relax exclusion criteria if you're not getting enough dates, but if in relaxing it, the number of unacceptable people rises without a commensurate rise in acceptable people, you went too far.
(The criteria will differ wildly according to the population you're searching. The style of profile I had living in the Northeast was -much- more exclusionary than the style of profile I used in the Midwest or South, both because the pool of potential people was much larger, and the percentage of them I would consider dating was much smaller.)
I realized earlier this morning that I had forgotten my main point, and so the sibling comment only hints at it instead of making it explicit: many people talk about plans with the assumption that all of them are on the possibilities frontier, and so the relevant thing is moving along the possibilities frontier until they're at the right tradeoff.
But being optimal is surprising--one should assume that there is lots of room for growth, and should try to get more of everything (i.e. move perpendicular to the perceived frontier) until it's clear that they are actually on the frontier. (In the stats case, getting more data means both less Type 1 and Type 2 error.)