It seems to me that the following are equivalent for a locally small category $B$:
- $B$ is petite
- every presheaf $q\colon B^{\mathrm{op}} \to \mathsf{Set}$ is small
- for every presheaf $q$ and copresheaf $p\colon B \to \mathsf{Set}$ the coend $\int^{y \in B} py \times qy$ is small
- the presheaf category $\mathsf{Set}^{B^{\mathrm{op}}}$ is locally small
- $B$ is essentially small
$\phantom{}$ 4. $\Rightarrow$ 5. is Freyd and Street's result.
$\phantom{}$ 3. $\Rightarrow$ 4. is explained in Example 5.8 here
$\phantom{}$ 2. $\Rightarrow$ 3.: $q$ being small means the existence of a small full subcategory $B' \subseteq B$ with $q \cong \int^{y' \in B'} B(-, y') \times qy'$. Hence we have bijections of (potentially large) sets
$$ \int^{y \in B} py \times qy \cong \int^{y \in B} py \times \int^{y' \in B'} B(y, y') \times qy' \\\cong \int^{y' \in B'} \left(\int^{y \in B} py \times B(y, y') \right) \times qy' \cong \int^{y' \in B'} py' \times qy'$$
Since the last coend here involves only small sets it is small. Hence so is the first coend, as required.
$\phantom{}$ 1. $\Rightarrow$ 2.: Regard $q$ as a profunctor $B^{\textrm{op}} \times \{*\} \to \mathsf{Set}$ and take its cograph $[q]$. It has objects $\textrm{ob}([q]) = \textrm{ob}(B) \sqcup \{*\}$, is locally small, and has an embedding $i\colon B \hookrightarrow [q]$ such that $[q](i-, *) \cong q$. If $B$ is petite then the left-hand side is small so that $q$ is too.