jc3900 - My hat is off to you for questioning the standard formulas for asset allocation! There are certain cookie-cutter type suggestions for asset allocation based on age, etc ... I think they are very helpful as a STARTING place, but I also think folks ought to look a bit beyond those and customize for their individual circumstances.
I am on the opposite end of the spectrum of you ... invested much more conservatively than what the standard formulas say I should be. But I certainly see nothing wrong with being much more aggresively invested, if it suits and makes sense for you.
You may be interested in a blog entry I did on why my asset allocation is so conservative. At the bottom of the entry is a link to a calculator that I liked because it was a really "think outside the box" sort of calculator that took a lot of variables in to consideration:
Asset Allocation / The Smartest Investment Book You'll Ever Read: Scfr's Personal Finance Blog