The "costliness" of cadmium plating, in our realm, is probably irrelevant. The greater cost of any kind of protective plating is in the setup and lot charge.
One thing we must consider is that cadmium, like zinc, or tin-zinc, with or without the phosphate wash, is a "sacrificial" plating as opposed to a decorative plating like chrome, or gold on jewelry. However, what we are typically looking for in restoration is both, with almost an emphasis on the decorative: we want the plated parts to look good too. Sacrificial platings are designed to wear away instead of the metal they protect. Boat owners know this from sacrifical anodes on their metal engine parts. If you have a hot water tank in your home, there's a huge rod of sacrificial magnesium hanging inside the tank. As long as this is in place, and wearing away you are fine. Soon as that magnesium is gone, the water will start to attack the steel tank.
If you are doing it yourself, such as Wallace, for certain you don't want to attempt cadmium plating (unless you smoke, ride motorcycles at excessive speed, or have other self-destructive tendencies) because of the nastiness of the chemistry involved; not only do you need the cadmium metal (quite toxic) but also cadmium salts for an electrolyte solution, plus cyanide. All toxic, dangerous to handle, and I think they might be carcinogenic too.
But if you are looking for originality, cadmium (done by a pro not in your basement!) plating is the way to go; it does provide the proper look when done correctly, and has a longer life than its substitutes. That longer life doesn't mean a whole lot in today's modern engine bay where things are plastic and painted and powder coated, but when you are working with hard to replace parts that are half a century old, sometimes it is worth considering...
I've had both zinc plating done on the original restoration of my engine, and cadmium plating done a couple of years later. There's no question that the zinc hasn't aged nearly as well...and the cadmium still looks great. The reasonably bright color of the gold phosphate wash from 17 years ago has faded. The cadmium has not.