A switch up of the funding formula, the way you describe it, is totally possible, but the fact of the matter is that to do it in a way that doesn't send all schools in the state back to the stone age would increase, not decrease the costs that started this whole thing in the first place.

There's a whole other rolling healthcare crisis in the state that's functionally getting ignored right now, and a cost of living/housing crisis in the state that's driving home valuations and therefore taxation. I'd start there. Schools became a weird scapegoat. Political leadership would help.

Vermont teachers union has proposed a switch to an income based instead of property based school tax, which would be less regressive. Main driver of costs is healthcare too, so the actual school budgets could come down significantly if we could get healthcare costs down.