Sorry Brandon - I dont. Not for iImage ink anyways.
For screen printing plastisol there is an easy equation. But I would need to go digging to find it....
The equation you have, is what TC is looking for. He doesn't need what the I-Image ink will "cost", but the (per screen) content area where the press ink (discharge ink) will fill/print. The ink mass of the job.
Back when I worked at a glass factory, we would print real metallic gold ink and was very costly. "Real gold", but only enough content to give it that gold luster.
Our art director would use a grid and lay it over each separation and count each square that was covered by at least 1/4th area of art. A 1/4th of a square counted.
Then they would total that up and x 144 mugs or whatever. We always used the same steel screen mesh count so the was not a variable. The ink layer thickness stays the same.
You could get narrow it down more, by taking the max print area, and fill that with 50% halftone, then weight it. and weigh a blank tee. Get that total, and break it down per area. Kinda the same thing my old art director did at the glass factory.
I think I see someone is posting about a way to calculate space taken up using Illustrator and would be more accurate.