It seems that it would be worth your effort to investiage this area
prior to investing a large amount of money. Of the two filmmakers of whom
I am aware (Oskar Fischinger and Norman McLaren) both abandoned directly
drawing on the soundtrack in favor of photographing various shapes and
geometric patterns that would make a favorable reproduction of pitch.
I don't know of good writings about this subject in McLaren's area, but
you should see his short PENPOINT PERCUSSIONS which demonstrates how he
devised a contraption for writing on celluloid. The big Oskar Fischinger
article in Film Culture (No. 56-57, I believe) briefly discusses his
experiments in this area.
Apparently one problem is that to be able to get satisfying results the
images of the soundtrack, one must be able to draw microscopically (after
all, the optical soundtrack is the visual recording of sound waves).
Both McLaren and Fischinger seemed to be more interested in synthesizing
musical sounds, rather than other types of sounds. You probably should
also view McLaren's SYNCROMY where the visuals are what was photographed
for the soundtrack
Graduate Center -- Ph.D. Program in Music(student)/ City University of New York
New York Public Library -- Music Division
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Disclaimer: My opinions do not necessarily represent those of my institutions.