It is the amount of tannic acid leached out of the bark and soaked into the hide that does that vegetable tanning. So the more chopped up bark you have, the tannic acid will leach out. The more tannic acid in your solution, the faster it will soak into your hide. Less bark means more soaking time. More bark means less time soaking in the mixture.
And you check the progress of the "tan" by making a little cut through the hide somewhere thick. You can then see the color change through the hide where the tannic acid has soaked in from both sides.
Having your hide in that bark bath longer than necessary really doesn't hurt it. But you do need to get that solution to soak all the way through the hide, or else you will have "rawhide" in some thick areas.
So there are lots of "by guess and by golly" to oak bark tanning.
Mikey - that grumpy ol' German blacksmith out in the Hinterlands
p.s. And FRESH/GREEN bark has lots more tannic acid in it than old bark. A working "guess" would be somewhere between 1 and 2 times the volume of hide, and then only enough water to cover it all combined.