Yeah, that's probably about right.

Let's say you have five tokens in your file. If you allow any combination of tokens from one token on its own to all five tokens in every combination possible, then there are (5*4*3*2*1)+(5*4*3*2)+(5*4*3)+(5*4)+(5) = 325 possible combinations.

If you want to cut out all passwords using only one or two tokens, then you are only cutting out (5*4)+(5) = 25 combinations.

For each additional token, the possibilities increase exponentially. Removing the lower end of the range will only ever have a very minor effect on the total possibilities.