Myself, I'd forget the Tylenol and just buy your Phenidone from Formulary or somewhere.
For most practical purposes (as opposed to the novelty value of being able to develop film using materials you buy at a grocery store), this is good advice. Keep in mind, too, that phenidone in particular is used in very small quantities, so a little bit goes a long way. To give an example, Mytol uses 0.15g per liter. If you dilute it 1+1 and use 250ml of working solution to develop a roll of film, that works out to 0.01875g per roll. Photographer's Formulary (to use the retailer you mention) sells 1 pound (453.6g) of phenidone for $78.74. That amount will then process 24,197 rolls of film. Assuming a (huge for hobbyist) 10 rolls a day photography "habit," that works out to a 6.6-year supply of phenidone for $78.74. Assuming a more sedate 1-roll-a-day shooting speed, your $78.74 purchase will last for 66 years. Of course, you can also buy phenidone in smaller quantities, if you're not looking a lifetime supply! If you just want to hedge your bets against photochemistry becoming hard to come by, you could stock up on phenidone and then plan on making simple formulas, such as PC-Glycol, using your stock of phenidone and locally-bought ingredients.
Of course, the quantities of other developing agents used in common formulas vary. Metol-based formulas typically use about ten times as much metol as phenidone-based formulas use phenidone, for instance. Thus, you might need to buy more of such agents if you want to use developers based around them.
IMHO, the main practical advantage of formulas like Caffeinol and Parodinal is for people who live in areas where phenidone, metol, and other such items are hard to find. A second advantage would be if you need to mix something up on the spot and on short notice for some reason.