What Would The Cost Difference Be?
Though the other two factors preceding this are important this one is the deal maker or deal breaker. So let's jump right in.
Moving the state meet to one location has its' savings and of course its' added costs. The biggest added cost would be the rental of an elite facility for three days. Though you could get a favorable rate for it, it is still expensive.
That cost though is definitely balanced out by the savings in officials and timing. Instead of having three timing crews and over 70+ officials you only have 30 and one. Plus those few officials and timing crew working the meet would be much happier with the higher pay for only three days.
In total we'd estimate that the VHSL would save roughly as much as they lost in facility costs but would make it back with ticket sales, parking (if allowed), and t-shirts.
Streamlining the states would raise the profile of the event and that most certainly would increase its attendance. That in turn could also spell lucrative sponsorships at the facility and really tilt the scale in favor of this change.