I wouldn't add the powder - formula should be used within 2 hours once the powder is added.
I would fill bottle up with 3oz of water (that has been boiled in kettle then left for 30 mins), leave at room temp and then add 2oz of boiled water (cooled for 30 mins) when you are about to use it and then add the powder. You might actually only need to add 1oz.
Lily has 6oz bottles - I just fill them up with 6oz of water (from kettle that has boiled and then been left for 30 mins), I then leave them on the worktop at room temp. I add powder when Lily is due a bottle and then warm either in a jug of boiling water or in the microwave.
Proud Mummy to Lily May, born 21st July 2008 at 38+4 and weighing 7lb 11.5oz.