One of the key properties of acks I had in mind is the fact that in most data link protocols they are cummulative. That is, an ack does not just verify that a given packet has arrived but that all packets up to and including the acknowledged packet have arrived. In a non-broadcast setting, this fact implies that if a single ack gets lost, the following acks will takes its place. In a broadcast setting you might consider taking advantage of this to reduce the number of acks sent by not having every station acknowledge every packet. For example, if there are N stations involved in communicating and you number them 0 through N-1, then you might have station j only attempt to acknowledge packets whose sequence number is equal to j mod N. Basically, the receivers will take turns sending acks. As long as everything works right, each packet will generate just one ack.
This by itself isn't enough. If a transmission is garbled so that everyone fails to receive it, it will be retransmitted promptly. If, however, just a few stations miss the packet and the station whose turn it is to send an ack does not miss, retransmission may be quite delayed.
That is where the other issue I wanted you to think about comes in. Namely, the roles of positive and negative acknowledgements. In a broadcast setting, machines will hear each other's acks. So, even if a station misses a packet, it may receive the packet's ack. This will be enough to let it know that a retransmission would help. In such situations, the use of Naks might improve efficiency. The important issue, however, is to recognize that acks are ultimately responsible for reliability even if naks are used to improve efficiency.
Since there are many legitimate ways one might have worked out the details of such a protocol, I won't go into additional depth on any particular approach here. If you are curious, such a scheme was described in detail in a paper entitled "Reliable Broadcast Protocols" by Chang and Maxemchuk that appeared in the ACM's Transactions on Computer Systems in August of 1984.
The analysis of the other approach, early token release, is simpler because there is only one case. This case is identical to the analysis of the late token release scheme when a<1. Namely, it takes unit time to send a packet after which the token is immediately released and moves to the next station in expected time a/N. So, the formula for S in this case would be:
(1)/(1+a/N)