Federated Learning (FL) is a distributed learning paradigm that can coordinate heterogeneous edge devices to perform model training without sharing private data. While prior works have focused on analyzing FL convergence with respect to hyperparameters like batch size and aggregation frequency, the joint effects of adjusting these parameters on model performance, training time, and resource consumption have been overlooked, especially when facing dynamic data streams and network characteristics. This paper introduces novel analytical models and optimization algorithms that leverage the interplay between batch size and aggregation frequency to navigate the trade-offs among convergence, cost, and completion time for dynamic FL training. We establish a new convergence bound for training error considering heterogeneous datasets across devices and derive closed-form solutions for co-optimized batch size and aggregation frequency that are consistent across all devices. Additionally, we design an efficient algorithm for assigning different batch configurations across devices, improving model accuracy and addressing the heterogeneity of both data and system characteristics. Further, we propose an adaptive control algorithm that dynamically estimates network states, efficiently samples appropriate data batches, and effectively adjusts batch sizes and aggregation frequency on the fly. Extensive experiments demonstrate the superiority of our offline optimal solutions and online adaptive algorithm.