The PADI tables don't really show MOD. What they show is the PPO2 for various %O2 at given depths. So the depth that meets but doesn't exceed 1.4 is the MOD.
Well, that in itself is an argument for using the formula, if the table doesn't list MOD, but instead lists some max depth that is 'less then or equal to' the MOD. The last couple of PADI Nitrox courses I've taught I've had the students use the PADI book (a requirement), but I've use the IANDT Powerpoint for the classroom portion. I think it's more accurate and easier to understand. The PADI video, at least the version of it I have, has information in it that's just flat wrong. (Yes, I know, I'm a PADI instructor but that doesn't mean I have to condone bad information. That's part if why I'm switching to IANTD for the more technical subjects...)
If you consistently want to do 1.35 you generate another table I don't know about the other agencies but the formula in PADI's book is a one variable equation (%O2). So not sure how many people will know how to calculate it as a two variable equation.
I've thought of coming up with a spreadsheet, to give out on the internet, to do just that. I have others that I give away, one for mixing gases, that includes the FO2 and MOD at both 1.4 & 1.6 PO2. After reading the responses in this thread, I've been thinking that maybe a spreadsheet of handy scuba formulas might be of use to some folks...