Hey Tiki,
I think the cencensus on the most basic stick formulas is as follows when using Calhoun's:
4 parts plastisol
2 parts salt
1 part softener
So, to make that even eaiser:
4 oz. plastisol
2 oz. salt
1 oz. softener
Make a few batches with that and see how you like them. Remember that they will feel softer right when you take them out of the mold compared to a few days later. It takes a couple days for them to fully cure. Fish these a little bit and see how you like them, then tweak the formula accordingly. I personally add a little more softener to mine. When using M-F or LC, you will have to adjust accordingly. They are all going to produce a little different of a worm. Also, depending on whether or not you are flouring your salt or the size of the salt crystal, you may want to tweak the salt content to get it just how you like it too.
As far as coloring goes, that is all personal preference and each color is going to require more or less drops. Just cook your plastic then add color to how you like it.
As far as flake is concerned, the darker your worms, the more flake you will need and vice versa. Also, the brighter flake colors, like red, need less flake than black flake. As a good rule of thumb, in a watermelon worm, I use 3/4 tsp of .040 black flake per 2 cups of plastic. I use 1/2 tsp of .040 red flake per 2 cups of plastic. If I am making a black worm, I will maybe add an extra 1/4-1/2 tsp per 2 cups.