I will stay non-technical (I am flattered that you think that I have the knowledge to do otherwise but I am just a hobbyist and have a functional knowledge in genetics etc).
Firstly, IMO, in Poeciliids (the family which Limia belong to), females are far more valuable than males. Females can have fry for a months after exposure to males and so you should protect your females. Males of Limia and many other Poeciliids are 'ambush' maters in that they don't really court the females, but inseminate by ambushing them, this is tiring for the females and under no circumstances should you keep one female with many males. One female with one male is fine, but I try to keep my poeciliids in a ratio of 3 females per 1 male.
Secondly, regarding selection of mates; IMO, of course you should select the best males to mate the females with. Culling of young is a very important part of breeding fish properly, otherwise you just end up with poor quality fish which are either dull or small.
Some people think you should leave it to chance but I do not agree. A few things to remember though is that 1) the best, bigger males often develop a few months later than other males in their brood 2) remember that females store sperm for months so if you fail to separate the males and the females then you will not be able to selectively breed, particularly since the smallest males tend to develop earlier and may inseminate the females before the better males mature.
Finally it is not 100% proven, but it is a trend that seems to be borne out in my fish room, colder tanks produce more males, warmer tanks produce more females. This may be an old fishkeepers tale, but as I said, my experience leads me to believe that it is possibly true.