WI: Walt Disney's The Wizard of Oz?

Apparently, after the success of Snow White and the Seven Dwarfs, Walt Disney wanted to turn the Wizard of Oz By: L. Frank Baum into a animated film. However, MGM already had the right so it never happened. Insteadd we got a live-action film that is considered a classic to this day, with it's many memorable songs and great cast. What would have happened though if Disney did get the rights to the book, and made the film and released sometime in 1939? Would it still be remembered as a classic, and how much different would it be than the film we got? What about the cast and people behind the OTL film, what happens to them? Where would Judy Garland have gone for example, if it weren't for her having played Dorthy?

Thoughts? ideas?
 
I think Dorthy in the book was much younger than Judy Garland was in the film. I'm thinking a Disney animated version of the Wizard of Oz might not be too different from their animated version of Alice in Wonderland. Also, considering how seriously Disney takes it's copyright issues, I'm thinking this migt also butterfly away stuff like Wicked.
 
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