It's a little of both. Some females may ovy and become gravid after only 1-2 locks, others could be paired with a male for months before they go. It just depends on her cycle.
As for not letting the male wear himself out, it also depends on whether or not, and for how long, he goes off food while breeding. A male that doesn't fast will likely have more stamina.
I run my breeder ratios at 1:2 or 1:3 depending on the project, but some people go higher than that. I figure by keeping the ratios lower, if I have to pull a male from the rotation there's a backup available.