The UK guidance is always to feed to appetite and add another oz when they are draining bottles whenever that is. You wouldn't be limiting how much time a breastfed baby spends at the breast and the same should go for a bottle fed baby, there should be enough in the bottles so there a bit left at the end so that you know they have taken what they need. Babies are really good at self regulating and will take what they need - it's really hard to overfeed a baby unless you are pushing them to finish a bottle.
At 11 weeks my two were having 6oz bottles at each feed and they took what they want. Remember there is an awful lot of growing going on and they do need the calories. If you combine the 2 clusters that's one bottle less anyway, so feed at 7, 10, 1, 4 and 7 plus DF and NF. We often find that formula fed babies move to 3.5-4 hour feeds around 12/13 weeks so if you put more in the bottles then you may find he can go longer and then you will be dropping a bottle, 4oz is actually quite a small amount per feed for his age.
Have you tried a faster teat too - if he is falling asleep at the end of 4oz then it's likely that he is having to work to hard to get the milk and needs a faster teat.
Don't worry about his weight - he will do what he needs to do. My formula fed DS was 8lb born and gained a lb a week in the first few weeks and was 75th centile for weight for most of the first year, now he is only 9th centile for weight! How they are as newborns and babies doesn't always indicate how they will be as children.
Laura
Laura