Yep, too many. It could cause the child to play and play with the quilt until they get some threads in their wee hands and then into the mouth.
Tie at center of block and at corners where the blocks meet. Trim to 1/2 " or so. I use a square knot.
As far as removing the extras, I would and then take the tip of your seam ripper (careful here) or a blunt needle (better) and carefully 'rake' over the hole to close the threads together.