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Not really. You should not do it. Here is my rationale:

1. Do you think there will be a formula that you will remember at the beginning of the test but not in the middle of the test? Why?
2. The entire GMAT quant will probably contain a couple hundred math formulas. Out of that, if you are lucky, ten of them will be tested on test day. That's staggeringly ineffective odds.
3. I would spend any second not solving questions in composing yourself, getting into the zone and then attack quant.

For verbal, grids are OK. But I think you can just draw five small horizontal lines for each question. Shouldn't take more than a second or two.

This is what I mean:

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Thanks a lot! Well - I have a one page of formulas that probably appear in 90% of all cases. I usually recite them weekly to make sure I don't forget less frequently used.
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Quote:
What a lot of people do for Verbal is draw a grid or series of grids during the instructions time t
What kind of grid are you talking about?
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