Hi James,
I don't know where that formula comes from, but I'd be extremely sceptical about it. For one thing, it tells me that 1 unit of bolus covers 23g carbs, which is waaaaay wide of the mark. For another, it takes no account of diet, exercise, weight, insulin resistance, or any of the myriad other factors which can influence things.
The most reliable method of establishing the right basal level is to fast for 24 hours and find the dose that keeps your bg on an even keel throughout that time. No, I've never done it either! Like the vast majority of people, I worked my doses out by trial and error.
All the best,
fergus