I'm going to document another approach to this here. (Thanks to @Byron_JMP for the Arg() tutorial on this)
You can go through an Arg() command to get the parameters as a list that you can work with pretty easily. I've also put a function below that returns the parameters for a column formula as an Associative Array.
// For a given column, col, in a data table, dt, you can get the formula column property with a message:
formula = dt:Col << Get Formula;
// the first argument of which is the parameters list which can be extracted using Arg()
params = Arg(formula, 1);
// from there you can index down to get the parameter / value pair
parameterName1 = Arg(params[1],1);
parameterValue1 = Arg(params[1],2);
And the Function that returns the formula parameters as an associative array
// This function expects a column reference
formulaParameters = Function( {colref},
{default local},
plist = Arg( colref << Get Formula, 1 );
keys = {};
values = {};
For Each( {value, index}, plist,
Insert Into( keys, Arg( value, 1 ) );
Insert Into( values, Arg( value, 2 ) );
);
parameters = Associative Array( keys, values );
);
// Usage example:
dt = Current Data Table();
columnWithParameters = dt:Col1 << Get Column Reference();
parameterAArray = formulaParameters( columnWithParameters );