I use just low gluten flour (cake flour) and cold water.
The purpose of adding corn starch is just to dilute the gluten level if you’re using regular all-purpose flour. Make sure the water is very cold, and it should be pretty thin. Don’t overmix.
I understood (although I have not tried it) that the seltzer water in place of plain water is to lighten the batter, give it that real airy tempura texture.
Definitely do not ever use milk, unless you want gooey paste.
Roddy
That or Alton Brown’s finely tuned recipe, using part rice flour, both seltzer water and vodka (100 proof if you can get it). Another trick is to mix the wet stuff with the dry stuff in small batches and then fry immediately.
That’s all it is, indeed. The recipes with baking powder do the same thing, except using baking powder and plain water (which creates CO2) instead of seltzer to provide the bubbles. I use seltzer in dumplings and crepes recipes where I want an airier batter, as well.