Yes, I'm thinking 40V minimum and willing to raise it if necessary. In this play there is some discussion as to whether to answer the phone so they need to be heard over it.Yes that sounds about right, 40v at 5ma from a 20:1 transformer would be 100ma primary current or thereabouts, only the voltage will not be the primary rated voltage, so the actual power will be around 5ma x 40v approx 200mw.
I suspect that 40v is the minimum for here in the Uk at least, I'm think the exchange puts out 75v ring voltage.
A thought on trannys, the thing to bear in mind is volt seconds, or volts x seconds, if a trans is 240v : 12v at 50hz, so if you wanted to run the thing at half the frequency then halfing the voltages would put you back in the cores operating region - I think.
I don't quite get your second paragraph, can you explain a bit more please?