Accessibility Regulations - Chilling Effect on Classroom 2.0?

In the state of Oklahoma, we have a statutory requirement much like the federal 508 standards, that all video content (screencasts) be captioned and that audio content (podcasts) likewise be transcribed. I am all for accessibility in every way possible where it affects a vision or hearing impaired person. However, the law is quite explicit and does not allow for the optional application, in an instance where there are no such individuals in a class for instance. Given the amount of video, and audio content being produced, and the expense of captioning it either in time or money, does anyone else fear these regulations will have a chilling effect on the integration of Web2.0 technologies into the classroom? Are there any promising services or technologies that will allow institutions to meet their legal obligations in a timely and cost effective manner?