Can poor leg circulation cause formication ?

Usually not: It is most often due to a neuropathy.

Not usually: Causes of formication include normal states such as onset of menopause (i.e. Hormone withdrawal). Other causes are medical conditions such as pesticide exposure, [2] mercury poisoning, diabetic neuropathy, skin cancer, syphilis, lyme disease or herpes zoster. Formication can also sometimes be experienced during high fevers. Itching, tingling and formication often occur when surfacing from a dive.

Possibly: The sensation of creepy, crawly insect like disorder is more typical or superficial nerves responding to something topical such as a lotion, dry skin, etc. "poor circulation", presumably your refer to arterial, causes claudication, or a deep muscle ache. At your age, unless your have diabetic neuropathy, prior traumatic damage to your skin such as a burn, i would doubt. Ask your doctor to look.