Here the excerpt from Dr. Hale's Medications and Mother's Milk. He's a Ph.D who is considered the expert among the lactation community regarding safety of drugs/chemicals during lactation. It's up to you to make a decision based on this information.
It is in lactation category L4 - "possibly hazardous". Pregnancy category X (contraindicated).
Here is the entire description taken from the book -
"Formaldehyde exposure in laboratory or embalming environmentd is strictly controlled by federal regulations to a permissible level of 2 ppm. At room temperature it is a colorless gas with a pungent, irritating odor detectable at 0.5 ppm. At exposure to 1-4 ppm, formaldehyde is a strong mucous membrane irritant, producing burning and lacrimation. Formaldehye is rapidly destroyed by plasma and tissue enzymes and it is very unlikely that any would enter human milk following environmental exposures. However, acute intoxications following high oral or inhaled doses could lead to significant levels of maternal plasma formic acid which could enter milk. There are no data suggesting untoward side effects in nursing infants as a result of mild to minimal environmental exposure of the mother."
I hope that helps. I'm personally still undecided. My 22.5 month old is nursing about 4-5 times a week still. I would like to keep nursing her to possibly keep her a bit healthier when she first starts day care in a couple months but at the same time the formaldehyde exposure in gross anatomy does concern me.

So we'll see. I'm leaning towards weaning at this point.