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.