I am not sure there is a general formula: everyone is different. And, as you say, they are different at different times of the day.
If you are using MDI, you will be advised to have the same ratio at all times. As it is an approximation and you are using it to make a correction, the chances are you will closely monitor the effect. Also, with a pen, you can only go down to 1 unit (or some pens have .5 units) so there is no chance to be accurate.
I was advised the same as you (1:3). However, I checked this by making an a correction and checking the impact it had 3 - 4 hours later. Don't forget to take into consideration any insulin-on-board (most "fast acting insulin", like Novorapid, is in your system for up to 4 hours).
If/when you change to a pump, you will have a lot more control: you can set different I:C ratios throughout the day; you don;t have to make the IOB calculation, etc.