Not really, unless a person stood there and manually kept shaking and mixing it up ... Even if diluted with water, the heavier formula particles would gradually separate out and sink to the bottom of the bag.

As well, formulas have a certain calorie content per can. The person is still going to require x calories a day .... diluting the formula will mean additional volume .. depending on how much extra water is added, it can lead to fluid overload

Doreen