You bring up a VERY good point, and one I have made many times in the
past. Indeed these photo inks are colorant diluted, and the colorant is
typically the most costly part of the ink (not that the ink overall is
that costly anyway...)
However, the photo inks you refer to are not just dilute versions of the
full color loaded ink. The ink formulation is likely the same in terms of
the other components as the darker versions, but simply has less colorant
in it. In other words, adding water is not the correct answers because it
will change many characteristics of the ink (viscosity, dry time, pH,
adhesion, mixing ability, absorption, etc.)
What you need is a mixture of the ink base less the colorant, and then add
the colorant.
As to the ratios or color dilution, I have no idea. I'm guessing about
1:4, or 1:6 or so, or 25% to 17% or so as much colorant.
Art