I have a bunch of questions regarding these ads.. in the end this should help me keep my campaigns up and profitable for a good amount of time.
1. What kind of process do you use while running your ads?
2. What number of ads do you have running at one time? Say you have 15 ads that convert well, would you run them all at once? 1 or 2 ads until they burn out? in groups of 5?
3. When you have a certain number of ads running that are converting and you want to test new ads, do you distribution the impressions between your converting ads and the ads your testing evenly? Or do you do something like 70% to converting ads and 30% to test new ads?
4. I would think that ads burnout at different rates depending on the country, but is there a general rule or number of impressions when an ad should be paused?
Hey man , to answer your questions :
I keep running in batches of 5 since testing more would need a much higher spend.
When I have winners , I generally leave 3-4 winners and test 1 max 2 new ads.
As for burnout , it all depends on how much traffic your traffic source has for that GEO.
Can't do much other than replacing ads once they go into the red.
thanks! very helpful 
You're very lucky if you have 15 banners all converting well. I usually have a 3 or 4 outliers and then a big drop.
But I would run in batches of at least 5.
The smaller the market, the smaller the initial test batch. If you spread yourself too thin on somewhere with low volume, you're going to have trouble getting any kind of statistical significance.
Make sure you're testing new angles, not just different image combinations. Not only can it lead you to a hidden goldmine, but it can keep your entire campaign fresh by mixing up the message.