I used (or at least started with) Cherry Red ColorTone on the TL in my avitar. I also purchased it from DIY Guitars.

I used the entire bottle (on Ash) and all I ended up with a "pink" guitar. Disappointed, I bought a set of U-beaut Wood Dyes (also water based) to achieve that nice cherry colour you see in the photos (link to finished guitar here).
The U-beaut dyes are 50ml bottles, which I used neat (undiluted) and it took about 20ml to achieve the colour I wanted.

If you read the paragraph at the top of their ColorTone product page it states: "Each stain has already been diluted to the recommended ratio and is more than enough to complete one guitar." This is why they sell so cheap (by AUS standards). If you buy it from other retailers, it's not diluted which is why it's more pricey.

Personally I wouldn't buy that dye from DIYG again.