S.R.
3 meals a day and 2 snacks is great! Unless there is a fear of a milk allergy or weight problem, I would think you could drop the formula. I would definitely check with your pediatrician if you question it at all. A nurse once told me that if your child has been eating cheese without a problem then milk will be fine.
As far as the bottles, I nursed my daughter until she was 13 months and am still nursing my son of 5 months. My son is beginning to show signs that he tired of the bottle. Don't get me wrong, he would never refuse to nurse...BUT he is starting to show interest in the sippy cup as well. My plan is to start giving him the sippy cup at 6 months with the hopes that he will do as my daughter did and be off bottles at school by 8 months. I found that stopping the bottles cold turkey worked wonders!
Hope this advice helps! Good Luck!