Nope you aren't grasping at straws. I get the feelings you have. I had similar feelings too when my DS2 was at his worst. I distinctly remember saying to DH once that if someone told me that putting fried eggs on my head would make things a bit better, I'd be frying eggs 24/7!!
I know we used Alimentum with DS1 when he had bad jaundice as it helps clear the bilirubin a bit quicker than other formulas. But didn't use any formula with DS2. I was too pig-headed!
The only thing I am a wondering though, is if introducing the formula might add another issue to your puzzle of what is causing him to waken. Despite having the proteins modified, HAF formulas are still formula. And that can cause gut upsets in LO's that lead to more gas and bowel issues.
Not saying don't try it, but do have a low tolerance for stopping IF you see new issues start.
(((Hugs))) hon. Reflux and food intolerances SUCK the big one!