Formal and informal has nothing to do with it, it's to do with being the subject or the object. Saying "me and Susan did x" is just wrong. Just take out Susan from the equation to test, you'd never say "me did x" would you?
I understand what you are saying, but the point about informality in language is that it ignores convention....hence it being informal. It doesn't make it correct, just common in usage.
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