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Now in hell animation is cheaper than Live Action, i can see how you think that cause of how long it takes to draw and computer animate them. Now useing Fantasia as an example is really unfair cause whats so unique about Fantasia is that they Animated around the music. Usually you craft your music to work in tune with your animation but no Disney wanted to Animate the Classical Musics which took extreme amount of talent, patients, and precision.
I'm not really sure what you mean here but consider that a very large portion of the big budget of films like King kong are because there are so many computer enhanced scenes. A lot of the scenes have computer animation in them even if it isn't apparent. This goes for the Wing Commander movie too. Scenes you might not even be aware of contain various amounts of computer generated effect. (like carrying an injured Angel off the Diligent). The point isn't whether or not CG is cheaper but that CG tends to be expensive. In some cases, certain scenes are done CGI because they would be physically impossible to film. But to get the level of realism that makes you forget it's CG takes a lot of work and effort with multiple animation houses each working on different scenes comprising sometimes hundreds of animators to get the scenes done in a reasonable amount of time.
A completely animated feature can actually cheat because they don't have to match real world objects and people (there's at least one scene in the WC movie that suffers from this a little). Still, animated features like shrek 2 still have 70+ million dollar budgets. There's no magic solution to this problem. A completely computer animated WC feature will still have a budget to match the existing live action feature if there aren't shortcuts takes in the quality and quantity of shots.