The story I got..when working with Aluminum plate was to use 1.5 X hole diameter to edge of plate. But this is from the edge of the hole..to the outside edge of the plate. So it comes out to the exactly the same as your above formulae. I never see any reference to the thickness of the plates in all of this. IE: I don't believe you use the above formula for thinner plates. (I can see why cross drilled rotor plates result in cracks).
The amount of weight bmr... 'saved' with the old gusset design would amount to zip anyway. If you want to save weight, use a stronger alloy to begin with....and that implies heat treated chromoly....like 4130. The trick with that is... you have to cut it, file it, drill it etc, then weld it. the heat treating can only be done after the welding is completed. If you weld heat treated chromoly, you will weaken it substantially. 4130 is typ 70 ksi yield strength when you buy it un-heat treated. Typ 107-120 ksi after heat treatment. That implies heat treating the finished product.
If you have ever tried drilling heat treated chromoly, have fun. It's extremely difficult. DOM is typ 89-91 ksi in it's raw form at your local steel place. Any welding won't affect it's strength. You can't heat treat DOM anyway. DOM is a lot cheaper.
I wonder if steeda, bmr etc, X ray any of the welds ? That would have to be done b4 any heat treatment. IE: X ray welds, repair any welds, then heat treatment.