Infant formula does derive from cow's milk, but it has been considerably altered to more resemble human milk, which is quite different from that of the cow. Infant formula is not like cow's milk but artificial human milk. Among other things, the protein and electrolyte concentrations of cow's milk have been changed. The whey to casein balance has been altered. The fat (cream) has been replaced, generally with vegetable fat. In other words, it won't taste at all like cow's milk!
If you want 1% milk (which is what Milkman was), then mix 3 parts dried skim milk with one part dried whole milk (Nido).