If baby is having colic/tummy trouble then dont give hungrier baby milk. It is harder to digest (especially for very small babies) and will most likely end in you and him getting less sleep as he will be awake all night crying with stomach discomfort and then he may well become dehydrated as he will be 'full' for longer than he naturally should be and therefore not getting enough liquid in the form of formula (with lots of water in it!) So yeah, hungrier baby milk is basically designed to be harder to digest and therefore tricks the babys system into not being ABLE to eat for longer (sometimes) Small babies need milk thats easy to digest and kind to thier little tummies not thick stuff thats purposefully designed to be harder to digest.
Its not possible to "feed too much" to a small baby...I have no idea where that notion comes from? If a baby is hungry then the baby is hungry, feeding every 2 hours is perfectly normal, especially in growth spurt area...that applies to both FF and BF equally.
If baby has taken too much for stomach size they will throw up what they have no space for, as such they may cry for food in an hour or two but there is absolutely no harm in giving them more formula when they are hungry and more formula is a MILLION times better than water.