I use evaporated milk for baking & cooking. It keeps forever in cans, which hold one & a half cups -- if I don't need that much, I pour the leftover into a glass jar & freeze it for the next recipe. It can be used as is from the can & that's similar to using cream -- or dilute it with an equal amount of water & it becomes whole milk.
I've never used the dry milk powder, but don't see why that wouldn't work. I just find the canned evaporated milk easier.