You do not get one pound of worm castings per day from one pound of worms. Whoever told you that is full of it. lol
this ratio is so common you can find it on about every website regarding worm composting / casting.
For example;
"http://www.redwormcomposting.com/quick-facts-about-worm-composting/
It is widely believed that a composting worm can process the equivalent of it’s own weight in waste each day. Under highly optimum conditions (not likely to be attained with a small home system) red worms have been found to process multiple times their own weight! This is very much dependent on the foodstock and how well managed the system is."
This, like everything else, is dependent on the correct conditions. If there is no food for the worms to eat (not just food scraps, but decomposing food scraps), then they will not be able to produce castings.
I have seen some pretty basic home setups that produce a good amount of castings. The reason why I ask the question, Why would you pay for worm castings is three fold;
1. Its easy to make it yourself with minimal investment.
2. Castings are so beneficial to your garden, that you will most likely want to continue to buy the product, which would make it more feasible to have your own worm bin.
3. The cost of castings is sort of high when bought, when compared to doing it yourself.
I don’t do other forms of composting due to space limitations, but worm composting takes up very little room, and is very economical.
It's a personal choice, but the cost to get into worm composting is cheap and not very labor intensive.