This is just my feel for this after watching my own sites pull in thousands of visits per day from image search, but I have not done systematic study.... and Google could have changed even if I did systematic study.
First, I say that character count is irrelevant. What you need to focus on is the keywords you want to be visible for.
If you are optimizing for image search, I would use very specific keywords. The exact keywords that you want your image to rank for. AND, most important, the exact keywords that people will relate your image to. If you call it a duck and it ain't a duck, that blows the value of alt text. Google knows a little about this stuff, even if they make the news by messing up once in a while.
If you are optimzing for websearch, I would use the specific keywords for my webPAGE on the highest image in the code of the page. It is really important to give people an image that their query relates to. If your page is about ducks and you image is a weasel, they are going to leave.
After that, it I mix it up, keeping relevant to the image and relevant to the page.