Basically, if it were feasible, someone would probably have already made it.

The Tale of the Princess Kaguya by Isao Takahata. The most expensive Japanese film ever.

Well, I'd say you'd be surprised by what you can pull off with a sufficiently solid and detailed facerig or set or blendshapes, just in Blender, which is free to use.

You do have a good point with clothes, thats more complex, but uh, again even in Blender, detailed clothes physics are entirely possible, and its also not too hard to make custom clothes rapidly.

You can do that with VROID + Blender pretty darn fast, and you can throw whatever base model you want into VROID for it to be a sort of digital tailor for, and then export it to Blender.

VROID's tool for this is also free.

Beyond that, there are other freely available plugins for Blender that do or enable the same kind of rapid design and fitting of physics enabled clothes.

Then you just animate skeletons, generate your frames to potentially rotoscope or what not.

Basically, I am saying the tools for this do already exist, and many of them actually are already used in 3D anime, just... to my knowledge, not yet with anything resembling Ukiyo-E.

I'm 100% sure many studios have their own proprietary software and toolsets and pipelines for this.