An update .... I've been doing a little research. A couple of things caught my attention. When CO2 dissolves in water a small portion is converted into H2CO3 (carbonic acid). The amount that is converted is very small, depends slightly on temperature, and does not vary with pH. Some of this H2CO3 converts to H3O+ and HCO3-. The equation looks something like this:
CO2 + H20 <---> H2CO3 <---> H+ + HCO3-
The double arrows mean the thing can go in either direction. The second equation is dependent on pH. The basic premise is that if you add a product, the equation is driven backwards and if you add a reactant the equation is driven forward.
Ever notice how plants pearl immediately when you add NaHCO3? The equation is driven to the left, actually adding tons of dissolved CO2 to the water - this despite the fact that the pH actually rises.
The thing that makes this reaction so interesting (and a bit hard to figure out) is that when you dissolve CO2 in water you actually create more bicarbonate, the very buffer detected by our KH tests. I think this fact is what allows the KH/CO2/pH relationship to be approximately linear.
Net conclusion: the chemistry behind the formula is correct (as far as I can determine), but the actual application of it should NOT be used without caution.
The presence of other acid in solution makes a big difference. Organic acids that accumulate from the fish and breakdown of plant matter cause us to overestimate the CO2 we measure. This effect can be quite large. For my tank, at KH 4.5 the pH from the chart says I should be at pH 7.6. I'm actually at pH 7.1 after degassing. 0.5 pH units makes a huge difference! In my degassed water at KH 4.5, the chart says I should have 12 ppm CO2. That's clearly not correct. People who don't know better would mistakenly think they have 10-15 ppm of CO2 already. This effect should be greater in a tank with a higher bioload.
The presence of other buffers in solution can also mess things up. Fortunately, the effects of phosphate buffers actually decrease as pH falls much below 7.0. For most of us (PO4 around 2 ppm), the presence of these buffers probably doesn't make a big difference.
Presently, the thing I'm going by is how much I'm depressing the pH by adding CO2. I take a degassed water sample and compare its pH with the pH in the tank with CO2 running. I'm shooting for a 0.8 to 1.0 pH drop. This should correspond to an actual 30 ppm CO2 concentration.
When you read about people who think they're at 70 or 80 ppm in their tank, smile, realize that they're being thrown off by extra acid, and understand that they're probably at about half that level. To be that high I'd need pH levels in the high 5's in my tank (a little low for me).
Now I'm going to rest my brain & see if I can't use this to make the algae go away (which was the whole point

).