It's 70C not just for salmonella, although that's a common and dangerous contaminant but for any gastro-causing bug and most particularly E. Sakazakii which has caused several deaths in Europe and even when it doesn't kill can cause lifelong health problems.
Most bacteria can't stand temperatures of around 60 as their little membranes rupture which kills them very dead. Even if you don't kill 100% of them it will bring it down to acceptable levels.
Many people confuse probability and risk. The probability is relatively small but the consequences are huge which makes it a very high risk strategy.
Once you've killed off the bacteria by adding hot water you can store formula between 0 and 5C for up to 24 hours (although personally I wouldn't go more than 12), so at the back of the fridge, and warm for night feeds. Or you can use a carton.
Putting water into the baby bottle means it will cool quicker - the 'wait half an hour' guideline is because that's how long it takes a litre of water in a properly insulated container as a kettle should be to cool 30C at room temperature. If you reduce the amount of water then it will cool quicker.
The half/half method is very good as well but it means that you need to measure out your boiled and pre-cooled water in a separate bottle to make sure you have the right amount rather than just relying on topping up what you've just added formula powder to, as adding formula powder increases the volume of the water and just topping up to, say, 7oz, means you'll end up with over-concentrated milk.