If you go this route, please talk in depth with a pediatric nutritionist. How are you going to be sure the baby gets enough of the most critical vitamins and minerals? It sounds difficult, and risky, and like after you puzzle out the proper ratios of all the vitamin powders and work out how to decide how much iron to put in the dropper and all, it won't be worth all the energy (or the extra money). Some of the top formula brands are really very well done, digestible for the baby, and taste good too. I'd be afraid your child would get anemic or low on vitamin D going the route of Pet milk and Karo syrup, and also giving too much sugar (the syrup) is proving to lead babies into the risk of diabetes later in life.
My first thought is why don't you want to use the commercial formulas available? They are nutritionally balanced, easy to use and proven to maintain the needs of a developing baby unlike the recipe you mentioned. Talk to a pediatrician and nutritionist about your concerns.