When I was looking for my Colnago C40-HP, I kept reading that these frames are to be sized one down from what you normally ride.
I went through many formulas and found I needed somewhere between a 55 and 56 cm frame (I'm 6 foot with 34.5" inseam) and cranks from 172.5 to 185 mm. The formulas are all over the place. Anyhow, I got a 54 cm frame. A 55 cm might have been better.
As boudreaux mentioned, the TT is very important. To make some sense of any formulas, you should consider how you feel on your present bike(s) and how their geometry compares to the Colnago. If you presently feel too stretched out and your TT is 55 cm, then consider a 53 or 54 cm Colnago. When you compare the geometries, watch the angle of the seat tube as this will directly affect the seat position and add or subtract to the dimension of the TT with respect to how stretched out you are.
Some slight errors in frame size can be overcome with stem and seatpost offsets. However, the difference in height between the saddle and handlebars, is more tricky. Just make sure you don't trim the fork too short: if the frame is a little small, and you need to eleveate the seatpost, you could find yourself with a large difference between the top of the seat and your handlebars. Once all is dialed in, you can always go back and remove spacers from the fork/stem to lower the handlebars.