J.T.
My daughter almost never nursed for more than 10 minutes at a time...I was concerned and discussed it w/ her doctor and he said not to worry, that some babies/breasts are just very efficient at nursing. The early weight loss is normal, so as long as he's gaining now and the ped isn't worried, I wouldn't worry. Also, what you should concentrate on is a good feeding on one breast, the 2nd doesn't need to be emptied every time. Make sure he's getting a good feeding on the first so that he gets the hindmilk and don't get so worried if he only plays or falls asleep on the second, just make sure that with the next feeding you start with that 2nd breast so it gets emptied then. In short, don't be so worried about the 2nd one that you don't allow him enough time with the first.
Also...consider a change if your ped told you to supplement. Weight loss is expected the 1st week and should not come w/ pressure to supplement.
Above all, relax. Stress/lack of sleep are big factors in milk production. The reality is, he doesn't need much yet and probably whatever you are producing is just fine. I think that if you cut out the extra bottles that would help tremendously. Also, have hubby bring home the book On becoming babywise. It's not a tough read and you could probably thumb through it while you're spending all that time bf. One of the things the book will tell you is to wake your baby up for meal times so he begins to acquire a routine to when his awake/feeding times are. If you start out w/ every 1.5 hours now, you will gradually be able to extend to longer and it's easy enough to add in an extra feeding during times when he's growth spurting. Anyway, BF is great for both of you, but only if it's working. Don't let it be such a burden/stress that you can't enjoy your new son. If you decide to supplement/go to bottles you're no less a great mom than you are if he only gets breastmilk. You might try breast flow by the first years bottles if you continue w/ a bottle (whether bm or formula) I've used those w/ both my children and they have been great for avoiding nipple confusion and have made things really easy for transitioning between breast and bottle.
Best of luck, congratulations on your new son.