Yes, Sydney had an excessive LAME:AME ratio, but the present situation is opposite. Which is safer?
When I was in Syd heavy many moons ago, there were approx 5 LAME's and 4 AME's (including apprentices) on crew. Some LAME's were single CAT rated (some 3a's, some 3b's). Wages were not excessive though well above average in general. It was not an expensive model by any means, but one that worked very well. It helped maintain QF's immaculate safety record. Many years of invaluable experience was passed from generation to generation of engineer. We had all heard of "Tombstone Maintenance", it was a tool used by other airlines and not by ours.
Unfortunately times have changed. I have seen our aircraft in a hangar in HK with 1 LAME on shift, running between a QF aircraft plus 2 other aircraft in the same hangar. Which method is safer......
Thats a no-brainer.