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UPDATE 2: Alright, so, as I previously calculated in the massive wall of text down below, hydrogen IRL has an energy density of 2.68 kWh per liter. That's hours with an H. That means, in order to make a single liter of hydrogen in game, the O2 generator would consume 9.67 megawatts PER UNIT. In order to match the 500L/s the vanilla O2 generators make, the generator would have to consume 4,860 megawatts per second. The vanilla generator consumes 0.5 mW/s.
I have scaled down the energy density of hydrogen by a factor of 128. 1L of hydrogen is worth 75.6 kilowatt seconds of power and costs 80 kWs to make. Enjoy!

UPDATE: Okay, so storage capacity is broken and consequently this rebalance mod is broken to compensate. Hydrogen is now scaled down immensely. For a small grid engine, 1L of Hydrogen is worth 270 kWs. For a large grid, it's 27. Small grid engines are way more efficient, but large grid O2 generators have the same power requirements as the small ones for much greater output. These numbers are mostly balanced this way for gameplay. I plan to tweak the numbers further to be based in reality.