Yair . . . Cam85. Geez mate, that's a curly one. I don't know about any "formulae" as such . . . different blokes had different ideas.
Generally speaking (in my opinion) you should use the shortest chain you can to pull your width and maintain neutral steering . . . that is to say, you don't want to struggle to stay straight which means you will need fifty to a hundred feet of chain pulling straight behind the tractors before it curves around the scrub.
One rule of thumb I saw in some publication was to take the width of strip as the diameter of a circle, work out the circumference and that's what you needed. That is to say, if you were pulling chain and a half strips (say one hundred feet) then 100 feet x 3.1416 gives you 314 feet which I think is a little short . . . workable but short and giving no leeway to widen out a little if there was a some lighter country in the block . . . on the other hand, say up there in heavy Arcadia Brigalow 250 feet was quite enough.
In general with D8H's/Allis 21's we had four to five hundred feet two and a half inch stud link in each camp and dropped off or added as required.
I have seen blokes on here talking about running 600 feet but (in my opinion) that is getting up into D9G territory and 3 inch chain . . . the other consideration of course was cost. If you were using it the chain was wearing out at the same rate if you needed it or not, not so if it was laying back at camp.
It started to get problematical with Nines. Ideally we would have used three inch Esco long link but it was too bulky and until we got the four axle Drake we had to stick with two and a half as the big stuff would not fit under the tractor on the float . . . you had to be able to shift the plant in two moves.
Cheers