Corky,
My dd was just the same as a newborn, slightly jaundiced and conked out nearly as soon as she latched on to feed. She nursed for perhaps five to seven minutes before falling asleep. Her doctor and the lactation consultant both agreed that as long as she was having enough wet diapers (meconium poos can last as long as five days, so she may just not be done with the pond sludge) she was fine. Babies naturally drop a bit of weight the first few days after birth and it's not necessarily unhealthy.
The advice I was given (that helped me tremendously) was simply to feed her as often as she wanted, which was nearly every 1/2 hour to 45 minutes round the clock. As well, to only nurse on one side at a time so that she got a nice mix of hind and foremilk and to help empty the breast as much as possible (although lactating breasts are never actually empty). To help me remember which side I was due to nurse on, I wore a ring on my thumb which I switched from side to side, indicating which side was next up. Sounds funny but it worked for me.
Another thing the LC and my mother both said was "how sweet and wonderful that she's so comforted and happy cuddled up to her mother that she falls asleep!" She nursed constantly for a while, but I tried to just enjoy the closeness and cuddle time before they slowed down. Now she's a busy toddler with little time to hug me. She still nurses but it's not quite the same, as she's so interested in the outside world. Sometimes I lay with her on the bed and cover us up with a quilt, the lack of stimulation seems to help her concentrate.
Once last thing that popped into my head was the LC saying that some babies are simply very very effecient breastfeeders, and can vacuum out a tremendous amount of milk in a very small amount of time. My sister was that way, her whole nursing career she nursed five minutes each side, no more no less. And she was a HUGE baby!