Hello Mike, nice to see you on the community, I don’t need to introduce myself, we already know each other 
Yes, you don’t want to spread your budget too finely, as then to increase performance will be a very long journey.
So you need to ask yourself, do people in your case buy just the top, just the shorts or both. Or is it all random.
In tha case, show all options.
Then for sizes, as I see you have 9 sizes, times 3 options, thats already 27 products. That is a lot. However the problem is that consumers do search for specific sizes sometimes. And you don’t want to miss out on these searches.
But I would do a test.
Test for 3 weeks, all 3 options, but just submit 1 size, lets say medium. But don’t mention it is size medium.
Then test another 3 weeks, with all sizes, so all 27 products. And see how the performance is. Make sure you add the size attribute and add it in the title as well as the description.
Make sure to test a product that has traffic, don’t test something that has barely any traffic. Give it it’s own budget.
So lets say $5 or $10 per day. For the total 6 weeks for this specific test.
Currently what moves the needle are titles, product type, product highlights, product details, images, price, sale price, variant attributes, as well as annotations.
https://www.youtube.com/watch?v=Ztru3Ouciu4