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I tie my own, always have. Maxima Chameleon at the butt, limp mono at the terminus. I used to try all types of tapers since I thought it would make a difference, but as I got to be a better caster, I learned that it is more important to modify my casting stroke for the cast at hand. All those years of sitting by the fire tying leaders while waiting for the coffee to finish perking weren't for naught, though. I can tie a 5-6 turn blood knot in 30 seconds. This is a skill that became very useful back when I used to guide.

So for me, it's not a matter of time but simply avoiding having to keep the damn things organized. I used to carry about a dozen different leaders in the little plastic envelopes my wife's birth control pills came in (I had Lady Battenkill fixed a while back, so the BCP packs are no longer available), each with its name and length written on the outside with a black Sharpie. I tried every formula I could find, but eventually gave up on the whole thing. It's possible that a huge leader selection improves the catching, but the fishing suffers in the process.

I almost always fish a 4 or 5 wt for trout, and I like .017" for the butt in either case. For dries, I go with a formula I found in a book, I think it was a John Merwin thing that I may or may not have altered, I can't remember because of all the cheap beer I drank from aluminum cans in my youth.

48" 017, 24" .015, 18" .013, 12" .012 followed by 8" sections, each reduced by .001 (all tied with 6-turn blood knots) until just before the tippet, for which I use a double surgeon's knot.

Makes a 12-15' leader depending on the size and length of the tippet. I always put on about 5' of tippet and clip it to the necessary length once on the stream. Makes life easier. I nail knot the butt directly to the fly line the first time, but if I change leaders for some reason I clip off the old one and leave about 18" or so attached to the line and then trim the butt on the new leader to the right length. Since a carefully tied blood knot only uses about an 1" of material from each end, I can tie on about a dozen leaders if I ever need to. By that time, however, the end of the fly line would be so bunged up that I'd need to tie a new nail knot. If I feel I really need a shorter leader, I cut the butt section back a foot or so and re-tie.

I always carry 2x-6x mono (Rio Powerflex) on my vest. 99% of leader tangles can be fixed while standing in the water using just those thicknesses. Since I tie my own, I always know exactly what size mono to use and where. If it's so bad I can't rebuild... that's what the extra leaders are for. Anyway, that's my simple but effective system, at least it works for me.

I feel that leader length is at least somewhat dependent on the rod and its action, the length of line you have out and your individual casting stroke.

The leader helps to slow down the velocity of the cast, the longer it is, the better it does so. If you have an aggressive stroke and the fly rebounds back at the end of the cast, you can get a more delicate presentation by lengthening your leader. Too long and you lose control of the drift in complex currents. Also, extremely long leaders are hard to mend compared with the line itself. I don't think anything beyond 12' fools the fish any better, but the addition of an extra foot of fine tippet can make all the difference on a spooky fish since it allows a longer drift. It's all a matter of tippet length, not total leader length.

OTOH, I'll use a shorter tippet to help throw a hook into the leader by overpowering the cast. Getting the line and leader on the water correctly works much better for me than worrying about lots of loose tippet giving me a good drift. Most fish take quickly after the fly hits the water (within a couple of feet) if you made a good presentation, so long drifts are something I tend to avoid when I can.

As far as nymphing leaders, I do carry a few shorter leaders (I use Sunset Amnesia for the butts of these since it makes a built in visual indicator), but since I'm a dry fly guy I rarely use them. They are real nice for close casts in heavy pocket water on rivers like the West Branch of the Ausable in NY where a long leader pulls the fly all over the place.