Wow Chris!
That is one impressive formula node! In terms of computational efficiency, I wouldn't expect there to be a lot of difference between the formula node and separate VIs. Stll, I have attached two sub VIs that I think implement the two repeated areas of the formula node code.
Something to do though is change the type of all the outputs to doubles. The calculation is being done in double precision anyway, so you might as well preserve it. Also, the single frame sequence around the whole thing isn't performing any function so it can be deleted.
As far as readability goes, remember that readability (like beauty) is in the eye of the beholder. If you can read the code and know intuitively what it does, I wouldn't worry too much about it...
Mike...