That's pretty much it exactly. You might hire a handful of animators to handle certain things (redrawing mouths, translating signs), a translator or two to get the words right, and a couple voice actors (some of these people will , quite literally, work for food). Then there's the licensing costs which frequently aren't even that high because a lot of groups view it as FREE MONEY while others love the idea of bringing it to a bigger audience. Fan groups do much of this stuff with 3-4 people in the span of a few hours for
free. So really, you could have the same small staff working on all of the different anime being localized and still only fill out a typical work day while providing a few different shows. And that's before we bring in the bread and butter of cheap television: the intern. Then there's the fact that there's groups that localize anime already who they can just throw a few dollars at for a TV license. There's loads of localized dubbed anime out there, and it didn't stop when Toonami did. You could probably run the entirety of Adult Swim for a decade on what Sheen alone made in a single season. A tiny, tiny fraction of a typical audience is all they need. Anything beyond that is pure profit.
Oh, in that case, I can see your point. But seeing as I've watched about an hour of actual "sit in front of the television" TV in the last 3 months I'd probably bankrupt a couple networks if I got picked. I'd have to politely decline.
