I'm not exactly sure what I look lime to other drivers but I'm lit up lime a Christmas tree so as long as your lights are steady and not dazzling I think the more the better.
I always tell my mates, if anyone hits me they are going down for it as there is no way they could argue they couldn't see me.
Good luck with that argument. The police have failed to take any action against drivers who have taken me out (twice), in broad day light, the first of which I was wearing a hi viz jacket. And there are many others on here who will have had similar experiences and had far more serious injuries than I suffered.
The OP referenced a bus making a close pass. Personal opinion, but if a driver can't see a modern LED bulb or array mounted to a seat post or seat bag and pass the rider accordingly, I don't see that distracting them by being lit up like a Christmas tree is going to make any difference. - Particularly when commonly there are other reflective elements on the bike or on your person, whether they be seat post reflector, mudguards, pedals, rain jacket, back of your shoes, back of your leggings etc, all which are designed and incorporated into the item to bring a cyclist to a driver's attention.
The same lack of attention by some motorists to cyclists, can also be experienced by oncoming traffic. For example, there are sections of road on my commute which for quite long stretches have very little street lighting and a long section with no street lighting at all. IME, whether I have illuminated one front light, or two, (one with 5 LEDs which produces a light scatter and one with a powerful single bulb, with a directed beam), or one with a flasher and one fixed, makes no difference to the oncoming tw@ts, who decide that my retinas should feel the force of their headlight full beams.