To increase the number of filehandles, you'll first have to increase the kernel's limit. Do so at your own risk, and I recommend trying it in small-ish increments to avoid swamping your system.
If you need to go to a really large number of open filehandles, I'd recommend that your next supervisor be on a RHEL/CentOS machine...
The default limits on OSX are:
jburk> sysctl kern.maxfiles;sysctl kern.maxfilesperproc
kern.maxfiles: 12288
kern.maxfilesperproc: 10240
You'll need to create /etc/sysctl.conf, and add the new values into it (check this thread:
http://discussions.apple.com/thread.jspa?threadID=2374157)
sudo vi /etc/sysctl.conf
kern.maxfiles=25000 (arbitrary value)
kern.maxfilesperproc 20000
Then instead of playing with launchctl, edit the MySQLCOMM StartupParameters.plist, and set the limits in there with "HardResourceLimits" and "SoftResourceLimits":
<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE plist PUBLIC "-//Apple Computer//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd">
<plist version="1.0">
<dict>
<key>Description</key>
<string>MySQL 5.1.44-community</string>
<key>OrderPreference</key>
<string>None</string>
<key>Provides</key>
<array>
<string>MySQL</string>
</array>
<key>Uses</key>
<array>
<string>Network</string>
<string>Resolver</string>
</array>
<key>HardResourceLimits</key>
<dict>
<key>NumberOfFiles</key>
<integer>20000</integer>
</dict>
<key>SoftResourceLimits</key>
<dict>
<key>NumberOfFiles</key>
<integer>20000</integer>
</dict>
</dict>
</plist>