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I doubt the economic impact is as large as you are stating. Many of the areas with these universities have not grown tremendously due to hosting universities. The Monroe/Ruston area has three universities. The combined population of those two towns is under 75,000. Staggering growth has not occurred. Moreover, none of the smaller schools are world class research universities bringing in millions of dollars via their research.

Viewed in as small a lens as Ruston, it doesn't seem that great. But dismantling the higher ed system is going to have a significant negative impact on the economy whether or not you think so. To your point that they aren't drawing research money, that's because the state's constant cuts force top-tier researchers out of the state. Even at LSU there is no money for such research.

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es, people would lose jobs. People are losing jobs all over the state right now.

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As for the brain drain, it has been advertised for years. It has either already happening or is overrated.

These two are hand-in-hand. People are losing jobs because the state's economy is so dependent on the oil industry. You know why the state is so dependent on the oil industry? Because so few people got post-secondary educations, electing instead to go to the oilfield. Many of those who did want to advance in other industries leave (I am among them).
Cutting McNeese for example, would eliminate arguably the best engineering program in the region. So you'd be eliminating opportunities for a lot of people who would otherwise get a quality education, forcing them onto the already overburdened oilfield teat. So stagnant oil prices would be felt even more acutely by the school.

Again, all this is fine fodder for a thought experiment. And certainly some schools in very close proximity could be consolidated. But an overhaul including the shuttering of half the schools in the state isn't prudent in the short term. If you want to trim the fat, look into the areas that have enjoyed constitutional protection.