Most of the test conditions in the datasheet specify IF = 10mA, and typical VF is 1.3V, so Mr. Ohm says R = V/I = (5 - 1.3) / 0.01 = 370?. So 220? may be a bit smaller than needed, I might try 330?, and then measure the current (or the voltage across the resistor, and calculate the current) and of course also see how it works.
Maximum current into an ATmega328 is 200mA, so twelve 4N25s at 10mA each should be around 120mA, but of course any other loads will have to be added to that.