Came across this old thread and decided to share some info I came across to save a few people a lot of money. If you just want to make a dip for personal use and not commercial and don't mind your dip not looking like the original or lasting as long (expiring), then you can leave out the Titanium Dioxide and propylene glycol. This is why:
Titanium dioxide is used in paints, concrete, toothpaste and foods to give them a distinct white colour. The use of this in white chocolate dip is to make the brown chocolate concentrate white, enabling the manufacturer to call his product "white chocolate".
White chocolate as a flavour for carp angling took off in the specimen scene in the form of boilies. The ingredient is actually white chocolate itself, which is made from cocoa butter, a mild cocoa flavour which lacks dark cocoa mass which is bitter. This is in fact what the carp like, not the colour but the ingredient.
Propyline is simply a very faintly sweet and odourless preservative. If you want your dip to last forever like the manufacturer's does, then by all means fork out the cash for it. but if you dont mind keeping your dip in a fridge in between trips to prevent spoilage or just making enough for one trip then dont waste your money. Alternatively, if you do want to make a lasting bottle of dip, Glycerin and glucose syrup are cheaper, easy to find in shops and are also effective for preserving dips.
So if you keen on making REAL white chocolate dip, go to a bakery supply and get a white chocolate slab used for baking. Finely grate 70g of the white chocolate into a cup or bowl. Melt it, add 20ml of white chocolate syrup. If desired, Ivory food colouring is available at R49 for 28g in gel form. Just a few drops is needed to give a nice natural white appearance. Corn syrup can also be added to thicken and sweeten the mixture further. Add glycerin to lengthen the shelf life of your dip.