You mention "Bin Packing algorithms: their emphasis on optimal fit does not match the requirements of this algorithm."
The first-fit algo is one of many http://en.wikipedia.org/wiki/Approximation_algorithm used to solve these class of probems -- they are "optimizing" for fit, but as an approximation, they don't really have "an emphasis on optimal fit"; they have an emphasis on completing their computation before the universe ends. :-)