Is there an Easy way to remove formica
That is seriously a lot of work. I would definately buy MDF and re-cut the countertop before I would spend the time removing the old laminate. Then, once it's removed, you have seriously nasty work to do making the surface smooth for the new formica.
I do custom tops and I think they are great. You can make some very nice looking tops with nice edges and they fit just right. There are some things that sweat equity make worth while. Removing old laminate is not one of them IMHO. Pull the counter, spend $50 on some MDF and remake it. It'll happen 10x's quicker.