I fooled w/ some diastatic malt syrup years ago. From what I recall, it is "sweeter" than LME, not sure, but it may contain corn syrup or other added sweeteners. It fermented thinner than LME and needed specialty grains to add body?? Fermentation also was a bit different than LME, not sure if the diastatic syrup lacked nutrients or not??
Quantity required was similiar to LME to produce similiar gravity wort.
Knowing what i know now, I might be able to make a decent brew with it?? Twenty years ago, we were kind of brewing, "in the dark".
Go ahead and experiment, you will have fun and probably learn a few things. I doubt you have really found an "equal substitute" to LME. Although purchased in bulk, the price is a fraction of what a LHBS charges for LME.
The syrup weighs roughly 1lb. quart, for a 5 gallon batch, 6-8 quarts depending on what type of OG you are looking for? I would guess 6 quarts will put you around 1.040, 8 quarts around 1.055. ??? just ballparking here???