Wound channel and tissue damage is important.
Problem is, there would have to be an inherent deviation in the formula due to bullet shape and construction.

I think Taylor was attempting to come up with a loose formula for "knock down" in the event of a charge/dangerous situation. This is very different than the killing ability of a particular cartridge.

Probably more useful nowdays would be a formula concerning bullet speed, weight and sectional density.
That would help the 9.3X62 croud see that the 318WR and the 333Jeffery are clearly superior