I do breed hornworms and I use the commercial diet.
There are some hornworms chow recipes available online that are safe to use, but I calculate the costs and trouble to make it, and I finally decided to buy it because it was not worth it.
These are the links:
http://www.entm.purdue.edu/Entomology/outreach/recipe/manduca.diet.htm
http://manduca.entomology.wisc.edu/resources/setupclassroom.html
This diet is similar to the yellow or the red one on the market because the base of the diet is wheat germ.
There is also an other version of the chow wich is green and really looks like the silkworms chow...and smells like it too! So I think this green chow is also made from mulberry leaves, but maybe adapted to hornworms with something else in it. That's the one I'm using right know, but I used the yellow one in the past.
If I'm not mistaken, the wild hornworms are toxic because they eat tomato and tobacco leaves wich are toxic for the reptile. So, I think it's because they are gutloaded with toxic leaves that they are dangerous. If you feed them with the commercial diet (or the home made diet), there is no problem.
Hornworms are also going to accept some vegetables, like bell peppers, if you run out of chow, but I don't recommand it because they are going to be gutloaded with something not really nutritive for your reptile.
I hope this helps!
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Lisabeth
1.2 Bearded dragons (Flake, Rusty and Rainbow)
1.1 Uromastyx geyri (Spiky and Salsa)
1.2 Guinea pig (Pumpkin, Moka and Lila)