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"feast or famine" is a correct and usable phrase in written English.
It is an idiom used to describe a situation where there are either many resources, or very few. For example, "The company often experiences feast or famine in terms of profits; some quarters bring in huge profits while others bring in none at all."
Dictionary
feast or famine
noun
A situation in which something is always either extremely abundant or in extremely short supply
Exact(49)
It's either feast or famine.
Her film career was feast or famine.
"In mining, it is feast or famine.
Douglas, a scoring point, is feast or famine.
Through Sept. 22. "Feast or Famine," mixed media group show.
"My short game was either feast or famine.
Similar(8)
Then came housing.Culturally, Californians seem to accept such feast-or-famine living more than others.
The feast-or-famine pace was trying enough, but even worse was that many of her clients, though devoted to their animals, often couldn't afford needed care.
Marber believes this results in a "feast-or-famine, boom-or-bust way of eating", which only leads to feeling miserable.
"Our earliest antecedents," Dr. Mosley argued, "lived a feast-or-famine existence, gorging themselves after a big hunt and then not eating until they scored the next one".
If the industry adopted the year-round model, which most cable networks use, there would be less of a feast-or-famine mentality in buying commercial time.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com