Your stocking level is dictated almost exclusively by how often you change your water.
That would be correct.
Having said that over-filtering ones tank can provide certain benefits, such as increased, or more even current flow, increased 02 exchange, etc. A bit of redundancy can also prevent a total tank crash in the event that one of your filters dies. While a single FX5 may provide enough bio filtration & 02 exchange for some set ups, if that single filter gets jammed up or conks out while one is away for the weekend you could potentially return home to a tank full of dead fish.
With regards to nitrates, according to Steven Craig, Assistant Professor, Virginia-Maryland Regional College of Veterinary Medicine; and L. A. Helfrich, Extension Specialist and Professor, Department of Fisheries and Wildlife Sciences; Virginia Tech ..........
Most nitrogen is excreted as ammonia (NH3) by the gills of fish, and only 10% is lost as solid wastes.
Keep in mind that water changes provide much more than simply lowering the tanks nitrate levels, they also remove phosphates, pheromones and other chemicals that can build up between water changes, as well as
introduce numerous minerals and trace elements that become depleted over time.
BTW - have you checked your tap water for nitrates?