Why must you use flakes? I haven't come across any situations I can think of where this would be the case. I have fed pellets to small fish including small tetras, microrasboras, and even shrimp. In all these cases the pellets still provide some benefits. They preserve nutrition, fill the fish better, and are cleaner.
In the end yes, the flakes and algae wafer would be fine. I still suggest going with pellets though. Even my plecos (bristlenose, gold nugget, flash, etc.) all go for the pellets, no need for a wafer.
I am no snake oil salesman. In fact I am not selling this to people on forums at all. That idea would make sense if I sold these products on my business's website and would tell people that if they asked, but that it is not the case.I have nothing to gain from convincing people either way with this issue. I share my experience so that others can make more informed decisions. I don't like the attitude of 'they are all good foods, just pick one'. People come to forums to improve every aspect of how they care for their fish. Nutrition is arguably the most important aspect (matched only by water quality) and not making a huge issue out of it is neglect.
There are many good enough foods out there, almost all of which will keep fish healthy and colorful. Even garbage foods (no brands specified) will allow neon tetras to be blue and red. They will live long enough (at least long enough to not make it obvious there is an issue with the food). But like dog food, after years of feeding low quality foods you can see a difference. So although Hikari and Omega One will give about the same results at first glance, it is different.
IME NLS gives better coloration. This may not mean that all of a sudden your neon tetras will be bluer and redder than you have ever seen, but it will be a little better. You may also get subtle improvements in color. Afican cichlids will have bright metallic colorations on their gill covers and an irridescent sheen to their whole body. Fish may not drastically grow faster, but it will be healthy growth. They will be healthier with fewer health issues overall. Even breeding can improve, whether triggering more fish to breed or getting those already breeding to be more productive.
There are obvious exceptions. If a fish won't eat NLS it obviously isn't the best. But if you can get them to eat pellets NLS will likely produce the best results. Triggering breeding may require special high energy foods since breeding generally takes place only when the offspring will have the best chance of finding enough to eat. NLS on its own is not meant to provide this excessive amount of nutrition since that is not healthy all the time. I have seen fish on NLS breed with no other triggers, something that did not happen with them on any other diet, no matter how varied. In the shop I was running we had goldfish, gold barbs, rainbows, galaxy rasboras, shrimp, crayfish, the usual (livebearers and African cichlids), and even discus breed, all without any other foods or triggers.
It is also the only prepared food I have seen mandarin gobies eat. We sold one the moment it ate one at the shop. In fact NLS is what the captive bred ones are being raised on. This is a saltwater fish, but to me it proves that NLS really is not just another high quality food. Without regurgitating posts I have made or examples from their site, there are many others that do the same thing.
People say these fish cannot have the same food, but I would love to see some real evidence showing that fish need drastically different nutrition. I am not talking about one fish eats fish in the wild and another eats algae, I mean that in the end they need different levels of protein, fat, etc., the actual nutrition. They all have different ways of getting it, but the actual nutrition needed by their cells is very similar.
Honestly I was just as skeptical of it when I first heard about it. I argued against it then just as hard as I stand for it now (at least as hard as people argue against it now). But after seeing the tank the owner has on just NLS I gave it a shot and have only had reason after reason to keep using it since.
It is a big claim for any company to make. And I honestly I do think the company does take a little liberty with some of their claims, but in the end the results still speak for themselves. It is a big claim, but no other company has achieved what NLS has either.