During the collection of my extensive library of Star Wars related literature, I came across probably one of my favourite books, called "The Jedi Path". Within it's pages it talks about the roles, duties and traditions of the Jedi, and I thought I'd throw up the quote on Padawans and their Masters on here.
"As a Padawan Learner, you will venture into the galaxy far beyond Coruscant. Take this opportunity to delve into the Force and absorb the wisdom of a Knight or a Master who has long served the Republic.
...
The life of a Jedi is one of service to the citizens of the Republic, and your apprenticeship is designed to prepare you for this life. Outsiders may look at you with confusion, hostility, or awe, but you must focus on your mission. Your guide through all of this will be your Master. Listen to you Master's teachings even when they seem contradictory to what you have learnt at the Temple. You are an apprentice for a reason - ifyou do not seize every learning opportunity, you will never reach Knighthood.
The Council is generally not involved with the pairing of a Master and a Padawan. The Force will act as a guide, expressing itself through this bond, and rarely needs outside help. However, Jedi Seers have at times perceived destinies that require a specific arrangement of players. In these decisions, the will of the Force - and by extension, the will of the Council - must be honoured. The Council's Word is final.
A bond between Master and Padawan is one that can be cherished. Knowledge is gained from the mystic knowledge of your elders, and no matter what species, rank, nor past can hinder this training. You will become brothers bound by the Force, and as such, you extend the Force outwards to the rest of the galaxy."
^--- Bearing this in mind, I feel that maybe having one Padawan is more accustomed to the Jedi Teachings. This text was alloted sometime after the sacking of Coruscant, so I can assume that it's intended for around this era. Personally, I believe that RP between a single Master and Padawan could be a completely unique experience, sharing RP and friendship within their characters that no other characters can experience.
Mastering many pupils can also lead to jealousy. Jealousy is a foreshadowing of anger, and anger leads to the Dark Side. If you and a single Padawan focus on their work, you can keep full eyes, and feelings upon them. If your focus is split equally, the chances of a Master realising his mistake may come too late. My perfect example of this is when Luke Skywalker began the new Jedi Order after Episode six, on Yavin 4. He never distilled a focus on Master and Padawan, and instead intended to teach them all, leading in two of his apprentices turning to the dark side.
Just my two cents, hope this clears up any questions :3