Yes, I have similar experiences with running projects without any real interaction from non developers (read managers), and usually it works out well. It depends largely on the team of developers though, how well they know each other and if they are all share a similar view, but it could work really well.
So that brings us back to my first question: Do you really need 50 milion to make a game and pay a 100 managers and all kinds of similar people? Do you really need 50 milion because your tools are so unoptimized that it takes a month to do even the simplest task?
Seriously, games cost too much. The whole process of creating a game is still too unoptimized and a lot of manhours go lost in a project by constantly redesigning and redoing things, thats the reason why a lot of games take so long and therefore cost so much, not because they were so terrible complex to create.