Algae wafers: In my opinion, algae wafers should be just a treat. They are after all processed food, and I believe fish should get more natural food as often as possible. The big problem with algae wafers, also, is that they pollute the tank hugely. Wait till you find a fungus cover pill at the bottom of your tank and you'll know what I mean. Also, other, faster fish will get there before the otos, in general, as fish go absolutely crazy for the stuff.
What I feed them: I feed my otos carrots and cucumbers. Check out this thread for more feeding suggestions:
http://www.fishlore.com/fishforum/fi...cucumbers.html. What's great about carrots, is that they keep for way longer than cucumber in the water, and that no matter how much of fast eaters other fish are, there's no way they'll be that fast that they'll entirely finish the carrot before the otos get a chance. You just need to cut the carrot in two lenghtways, so the fish can access the more 'tender' (although it's still pretty hard flesh) flesh of the veggie. And then indeed, you would hold it against the tank glass with a veggie clip.
Common oto questions: This thread gives some advice on common problems/solutions with otos:
Caresheet for otos.
Drift wood and plants: They don't so much need drift wood as other loricidae (e.g. plecos). If they are getting enough to eat, your otos won't eat your plants. So what I am saying is you should not be aiming at them eating plants, as that's an expensive (and not really esthaetic) strategy.
Ease of care: I wouldn't classify otos as easy. Most people report losses in the first few weeks of owning them. What to watch for with otos is that they don't starve to death (really common cause), that they don't get bullied (although you should totally be OK with livebearers), and that the water quality is top notch (they are not big on surviving high nitrates, and even traces of ammonia/nitrite). They also are quite sensitive to change and will get really stressed if they are changed from one tank to another frequently.
Zebra otos: Best of luck. Oh, a lastly, if you can get a hold of zebra otos (I believe their scientific name is
O. cocama, but you might want to check), they're worth waiting for (you can order them from some fish stores). They're really pretty.
Oto fry: You'd be lucky if your otos get fry. And if they do, you'd be lucky if the fry survives the first few weeks. So don't worry about overpopulation. It's very unlikely you'll have that problem with otos, on the contrary.
School size: I try to keep my otos in schools of at least 6 where I have the space. More is better. They really are schooling fish and this will increase their chance of survival.
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