It does seem a little defeatist to go straight to the GTA V budget when we think of a figure, that's on the very high end indeed right? Before we even start cutting unnecessary features there must be lots of places you could save money when you look at what Rockstar spend on things like marketing, voice actors and licences. Someone brought it up before but The Witcher 3 had a miniscule marketing budget in comparison for example with a total budget including marketing of $80m+, and it's an extremely high quality, ambitious game by all accounts and sold well.
As a related point the Witcher books upon which the games are based are very obscure in the west (or were, before the games), when you leverage an IP you're not just thinking about its current popularity but whether it's fertile ground for games (cool characters, stories, worlds, visuals), and whether the brand can grow. I absolutely believe a big publisher could be sold on that with Dredd, and I always will. It's fucking cool and completely maddening to me it's not more popular!
You can do it Sandman! I'll wear a big clock and be your hype man in the pitch meetings. YEAAA, OPEN WORLD DREDD, SUCKAH!! DAS RIGHT! XD I'll get my coat..