I used to use Gey's solution for RBC lysis of mouse peripheral blood and splenocytes. I'm attaching simple protocols for Gey's/ACK-based RBC lysis I found on the web. This may help you to estimate the amount of lysis buffer and the incubation time.
Erythrolyse red blood cell lysis buffer from AbD Serotec works well, but it also fixes the cells, so it is no good if you want to do live cell culture afterwards.
Tried RBC lysis on human bone marrow cells using Biolegend's RBC lysis buffer as per your suggestion. Viability of cells (other than RBCs) was excellent. I have plated them on a culture dish after doing MACS. Hope that my cells are not that stressed out. Thanks for your suggestion.
I used RBC lysis buffer (Cat. No: 420301) from BioLegend for bone marrow samples obtained from mouse and human. The standard protocol provided in BioLegend website worked well. The viability of cells was good.
I used the following protocol inspired by BD to minimize cell loss while keeping viability high. The procedure is gentle and some RBC's may remain intact.
I use 1 Triton-X, 320 mM sucrose, 5 mM MgCl2, Tris-HCl (pH 8), double distilled water ... autoclave... and then add 1 % SDS ...OR... TES which is 10 mM Tris-HCl (pH 7.5), 1 mM EDTA (pH 7.5) and 0.1 % SDS.