Rick -
See -
http://wdfw.wa.gov/publications/01178/wdfw01178.pdf
The last couple of years there as be a little less than 150,000 kokanee fry planted in annually in Stevens.
To the question of "trophy kokanee" the answer is not so much a planting the fish or the stock of fish planted but the density of the fish put in the lake. In the past the kokanee were significantly larger than now with 2 # fish reasonably common. I have personally seen kokanee in excess of 4 pounds in the lake - the largest that I ever saw was a spawner that was 23 3/4 inches long. The lake clearly has the potential to grow "trophy" kokanee. In fact during the mid-1980s the State even experimented with triploid (sterile) kokanee in Stevens in an effort to produce even larger fish; however those fish failed to survive to reach any size.
However to grow such fish there would have to be a reduction in the numbers of fish planted annually. Even then there would be some variation in the size of the fish as there is some natural reproduction of kokanee in couple of the small inlets.
Cutting the number planted in say half and returning to the old 5 fish bag limit would result in a significant increase in the size of the fish however the fishing would be much more difficult. With a lower abundance the top rods still could potentially catch the limit in an outing but the average angler would struggle for just a fish or two. Now a 10 fish limit might weigth 7 to 8 #s (some years 10# or so) with a reduction in numbers planted a limit might be weight the same with 1/2 the fish.
Ending the operation of the aerator would also likely lead to incresed "blooms" driving faster growth of the kokanee in the lake. However much of the bloom would include noxious blue-green algae. The result is the lake visibility would drop, in the summer the lake would stink from the algae and the table quality of the kokanee would drop significantly - especially during the warm water period (say from mid June on).
In short lake management can be a tricky business.
BTW -
Much of the State's kokanee program remains at risk due to impacts on the Whatcom stock from a potential salmon recovery action on the middle Fork of the Nooksack. There has been a discussion of that issue on this site and search would yield more specific details.
Tight lines
Curt