I've mixed my own paints regularly since the mid 1970s, when I found formulas for mixing Luftwaffe RLM colors...using Testors 'square bottle' enamels...in an IPMS/USA publication. When I switched to using Tamiya acrylics around 20 years ago, mixing was pretty much necessary due to their then-quite-limited range of colors. (It's gotten a little better since then.)
I never had any trepidation about mixing my own colors. But I also served as manager of a retail paint department for a number of years, so I wound up mixing paint all day long. That experience was useful among other things for giving me a better awareness of subtleties of color...and the thousand different shades of greys and off-whites that existed. But it also clued me in to how a tiny drop of a non-intuitive color here and there might give you that 'perfect' color match in a modeling context.
Mixing my own has probably saved a lot of cash over the years. I can't help but snicker a little when I read of modelers buying a half-dozen different mfgs' versions of a single color...hoping one will be 'right.' A little color theory and 15 minutes playing with actual paint might solve their problem.
As to formulas, for Tamiya there are quite a few out there...of widely varying quality. I keep copious notes when I try out and adjust mixes...or just come up with my own. But like Eagle, I am usually inspired by a particular photo or illustration, and use that as my guide with the old Mk VIII eyeball.