of course as the number of fingers increases, the series resistance decreases but also the effective capacitance per unit area decreases , so it is a tradoff between large capacitance and small series resistance given the same area. It actuallly depends on the application and the required specs.
By the way, don't put M with a value more than 1 except when you are doing the same thing in the layout . M means that you have duplicate instances of the device each separated from the other (they are not merged together). The LVS tools usually don't differentiate between (M=1,F=2) and (M=2,F=1) cases , although they give different results , so take care.