YES!!! This can be done. I have done this when making a generic data system, and I wanted the user to be able to put in any kind of curve for converting to engineering units.
The trick, however, is that you don't use the traditional formula node from the Structures palette. You use the Mathematics->Formula->Eval Formula Node VI. If you look at this VI, it has inputs for the variable names for input, the variable names for output, and then the formula; then an input for the acutal physical values of the inputs, and an output for the calculated value.
For my application, I had one input, voltage, which I called "x"; I had one output, which I called "y"; therefore, the user could input "y=3*x+5;" for the formula, and when the voltage was input to
the VI, 3 times the voltage + 5 would be the output. Slick, huh?
Therefore, since there is an input for the formula, you can pick anything you want, and it's dynamic!
Mark