An average human respiration is ~0.5 liters and ~10 respirations per minute ~= 5 liters.
Remember also that air is already ~79% nitrogen, and only a portion of oxygen gets converted to CO2 (that's why mouth-to-mouth works).
Finally, with a smallish bag, "squeezing" all the air out of the bag before starting, "strongly exhaling" just before, and optionally hyperventilating (as recommended in the PPH)...
... CO2 should be extremely minimized and 15 lpm (from the top of the hood/bag) should be totally sufficient to purge any residual CO2.
Somewhere (I think in the PPH) they do a study and make a graph comparing 15 lpm to 5 lpm to "prove" 15 lpm is ~optimal. Have you seen that graph?
Best of luck!