I've asked a couple of folks about this and there doesn't seem to be a definitive formula.
Basically you should be comfortable and able to push your foot against the footplate when you rotate.
As an example I paddled a new ski this weekend and had the leg length too long. I couldn't push hard against the footplate without stretching my leg so far the back of my knee was pressing against the bottom of the cockpit.
I adjusted it - but too far and I then felt a bit twitchy in the boat. So the ideal is somewhere between those two positions!
Rob
Currently Epic V10 Elite, Epic V10 Double.
Previously: Swordfish S, Evo II, Carbonology Zest, Fenn Swordfish, Epic V10, Fenn Elite, Red7 Surf70 Pro, Epic V10 Sport, Genius Blu, Kayak Centre Zeplin, Fenn Mako6, Custom Kayaks ICON, Brian's Kayaks Molokai, Brian's Kayaks Wedge and several others...