Bill and all,
First off, absolutely correct on the first wrap being critical, as you don't want the knot to loosen if this wrap slips! I don't think it needs to be as tight as at the base of the knot, but it can't move.
I can get 30+ wraps to have the first wrap lightly change color, with a lot of pulling and a well lubricated knot. On a long range boat I'll tie a hook on the fluoro and then attach to a trolling strap or the anchor area, put the reel in full and slow pull, while palming the spool. Great test of fg and my terminal knot
If the there is too much going on around the boat and i cant attach my line to anything without getting in the way, I'll either grab a different outfit and re tie later, or go to the top deck. In a pinch I'll use line pullers, but I can't tighten the knot as well with them.
I do think that if the first wrap of the knot is extremely tight (due to not enough wraps), it will weaken the knot some, as it will create a stress concentration at that location, going from high hoop stress to no hoop stress at the transition from knot to no knot. Too many wraps can be bad, as Bill pointed out, but you need enough to create a gradient of stress from high to lower.
My best "fish to leader" ratio on FG was a 110yft on 30 fluoro (50# solid spectra)). That was 28 wraps.
Biggest fish was 286 yft on 130#. That was 32 wraps.
Jonny