I guess in terms of places to gather information, the number of locations doesn't matter quite so much as the number of sources. The Green Dragon Inn might be one place, but if we get different hooks from the barmaid, the local drunk, the wounded man who staggers through the door, the wandering minstrel and the crazy old man looking to hire five teenagers adventurers with attitude . . .
So at least for the very first run, I'd err on the lower side for number of locations and more leads/destinations/hooks/choices after that.