Note sheet configurations often depend on personal preference. I preferred to avoid having my text smaller than size 6 (7 if possible), just because I felt that past that point, I was spending too much energy trying to locate/see information. Often this meant deleting pieces of information I didn't really need, if I was 95% sure I would remember it the day of. However, if you're fine with looking for smaller text, then you can by all means make use of that technique.
Completely agree with this. Personally I never competed with a true "Science Olympiad" note sheet of which I'm imagining something with almost all text with a font size of 5 or less because I felt like I wouldn't be able to locate information fast enough. For Meteorology, I always liked my note sheets to be heavy on graphics/charts. I felt that they always contained alot of information for their size, and were easy to use come competition day. However if you're not sure, try a few different designs with some practice tests, and run them by your partner to see what he/she works best with. You don't want to start competing only to have your partner scanning through a note sheet unsure of where to find anything!