Not sure if you have seen it, but a really nice article on raising mealworms http://www.sialis.org/raisingmealworms.htm depending on how many you are growing think the cheapest medium I've seen is 50 pound bags of wheat bran you get at farm stores, it is usually cheaper than chicken feed
Wheat bran is, hands down, the very best worm growing medium while being the cheapest. My feed store just began carrying the 50 lb sack. I had been paying $3 for a pound sack at the grocery store.
Bran, unlike chick feed, oat bran, and other mediums, is light weight and the small worms find it easy to move through it compared to heavier grains. The best thing about wheat bran, though, is it resists absorbing too much moisture that turns moldy that will kill off your colony.
I use it for every stage of growth except for the beetles. I use rolled oats for them simply because the oats are too big to sift through the screening that lets their eggs sift through to the drawers beneath. However, the larva stage is the one where you really want the most economical medium since this is the stage where they eat the most.