aamoroso gives some good advice. Every k factor situation I've seen is best done with a correlation to physical bends. We have found that this is also influenced by the type of material, i.e., aluminum and steel, with the same thickness, flange length and bend radius will have slightly different k factors.
The one thing I would differ from aamoroso's advice is with regard to the bend radius. The bend radius shouldn't be tweaked, it should be entered as the value of the nose radius of the punch. Generally the inside bend radius should be 1.5 times the material thickness, though this is often violated. Most sheetmetal shops will have a standard set of tools with bend radii of .030, .060, .090, etc. Make sure that you and the shop are using the same value. This too is often violated (the shops would rather use what's in the machine than change to what you've specified). However, you should be designing with standard radii. With that said, we specified the finished formed part, including bend radii. Our flat pattern drawings were provided for their reference only. They (the fab shops) were free to use the FP drawings however they wished, so long as we got the formed part we wanted.
- - -Dennyd