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Is it possible to create a centrally managed calculation based on common column names. Like a managed meta data, but simply put it would be a formula and not a string.

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Kinda.. if you don't put the Formula in a 'managed metadata` field but instead in the Client Side Rendering layer.. your Formula will then be a JavaScript function.. But would require extra logic (JSOM or REST) to read the other Fields you want to use (if they are not already in the View or on the Form)

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No, you cannot use a Managed Metadata Column for calculated fields. So if you have a requirement to do a calculated field you will need to use another column type.

Read More about Managed Metadata Column Limitations

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