From what I’ve read, a zinc oxide/ boron nitrate mix could work, but you will need to keep usage rate of boron nitride between 3-7%. ZO you can use up to 100% in a recipe, but for makeup it’s best to keep at 10% of recipe or below, unless you want really opaque makeup.
I’ve not made the liquid, so someone else will need to help you there.
TD’s function in the foundation is adding brightness and opacity, and boosting adhesion. I’ve also read it has some light-scattering properties, which ZO doesn’t have. An addition of some silica microspheres could help with that.