It may look like a duck, and quack like a duck... but be careful, it's still not quite the same as a duck.
The problem with creating a plan based on substitutions is that MF is crafted so as to include the necessary vitamins and minerals. On a very low-cal diet such as MF, we have to be careful to get all the nutrients we need from a smaller volume of food. By replacing MF foods with every day items, yes, you will have low-cal and approximately similar carb/protein/fat ratios, but the rest of the nutrient profile will not be there. Though... I guess you can always take a multivitamin... Not sure if it's the same.