Sounds like you're probably closer to reality on your overall number, but of course even a good estimate of this nature - even with excellent underlying assumptions - can be wildly inaccurate. I have taken a crack at this myself, for my Standley 1/16 - I have an Excel workbook that I use to track it.
More recently, I got to wondering why the heck I don't have more matches from my Baxter 1/16, and the answer seemed to lie in the whole proliferation pattern being completely irregular. Being on WikiTree now, and noticing that our descendant list feature is a really great way to visualize what's going on, I have taken to adding everybody out to my dad's 3rd cousins. So far I have all the grandchildren on there (51 of them), have carried the descendants of half of his children forward to my father's generation, and gotten mostly or partly through most of the rest.
The big picture is that of the 51 grandchildren, 20 are known to have no biologically-related descendants (one adopted, one was adopted). Another 10 I have carried forward to my father's generation, with a total of 8+1*+7**+11*+3*+18*+1+10 +6+5 = 70 gt-gt grandchildren (that's in my father's generation) who may themselves have living biological descendants. (A * indicates my father's 2nd cousins, and ** is his own branch). That leaves 21 unknowns (at least two of whom I don't think had any kids, but I'm not sure).
Nonetheless, I can use that average (those 10 grandchilden with known descendants averaged 7 grandchildren of their own) and estimate that there were perhaps (10+21)*7 = 217 gt-gt grandchildren (But I'm applying the 7 to all the unknowns, some of whom may not have had children, so this is probably an overestimate). 40 of those 217 are my father's 2Cs and closer, leaving 177. My 4Cs are the next generation, so maybe about 400 of them, on my Baxter 1/16.
On the aforementioned Standley 1/16 I have 100% of my grandfather's generation researched, and about 85% of my father's generation. So I know there are about 600 in my father's generation, 170 of whom are 2C or closer to him, leaving 430. So maybe about 1000 4Cs on the Standley 1/16. This seems to be an especially prolific family (maybe only my Johnson 1/16 is as big).
As far as matches (on AncestryDNA) go:
* On that Standley 1/16 (~1000 4Cs) my brother has 17 matches (I don't match 10 of those). About 1 in 60.
* On that Baxter 1/16 (~400 4Cs?) I have found exactly 2 matches. 1 in 60 would give me about 7, so maybe that 400 is way too high.
* On my Cronin 1/16, I've only ever been able to find about 7 3Cs for my mother, so maybe 20 4Cs for me there, tops. No matches have turned up that I've been able to identify.
* On my Brohan 1/16, I've been able to find a few traces of gt-gt grandma's siblings in the records, but as far as i can tell so far, the number of 4Cs on that 1/16 is a big fat ZERO. I also have ZERO 3C matches on my Cronin-Brohan 1/8, so this really stinks, BTW.
So with some as high as 1000 4Cs, and others practically ZERO, I'd guess I have maybe 500*16 = 8000 4Cs total. Really, most sides of the family seem to be a LOT smaller that the Standleys or Johnsons, so it might really be more like 4000 or 5000.