You Looney Toons fans need to do your homework.
First, Mel Blanc was good, but he wasn't all the LT voices. June Foray did a lot of the female voices, and MB _never_ did Elmer Fudd in the originals.
Television killed the Hollywood cartoon. WB was the last to dump their studio, when they followed everyone else in figuring they could make more money licensing out their portfolio than making new works. That pretty much happened in 1960, though they sputtered along for 2 more years. Then Friz Freleng and DePatie tried to "carry the torch" for six or seven years, with much smaller budgets (and the WB orchestra replaced by a dude with an accordion).
The Hollywood cartoon was awesome, but it was also a unique collection of talent and expense. Even though Warner Brothers didn't have the production budgets of Disney, they still spent something like $50,000 US per 6-minute cartoon. That's $50,000 in 1950 dollars.
So they had access to the studio system -- the Hollywood stars they would refer to in their shorts were actors from the same studio; the music was by the studio orchestra (Carl Stalling, WB's A-team composer until 1958, was awesome), and they had some brilliant minds inspired by the new genre, and some fast ones they could blow past the censors.
When you look at a unit that did Looney Toons/Merry Melodies (Schlesinger to WB), they cranked out at most 6 one-reelers a year; and half of those were "top-shelf" productions.
You're not going to see it again. The combination isn't right.
There's good 2d animation out there, but you don't get that kinda teamwork anymore. It's just too expensive for no market.
