BUT... Cheapest was also unfinished. I don't know about anyone else, but having something like that passed over seems better than having someone else finish it, making it something it's not. I don't know if they got Frank on board, but I'm sure they'd shove a lot of at the moment pop culture references in it, turning it into something less than what it could have been.
Plus, that is a VERY risky concept for a movie. It could only have been pulled off after a long series of successful films, or if Jim were still around.
Part of me thinks Cheapest would work, but I also think it's too high concept. There's a lot of potential to pull off theater of the absurd, but a LOT can go wrong with the concept. Plus, how would making jokes about running overbudget go for 90 minutes and not get stale? I could see things getting deteriorating slowly, but all and all, it seems like a 90 minute stretched out Monty Python skit that could dangerously go overly long, even with the best of writers.
And if we want to get technical... they did manage to chose at least 3 other inferior concepts over Cheapest to begin with. 6 if you count the telefilms.