I think you could only depict Mickey Mouse as drawn in 'Steamboat Willy' as later depictions would still be under copyright.
Trademark law would prevent you calling it Mickey Mouse and my guess is that if you ever tried to use the public domain Mikey Mouse, Disney's lawyers would bury you in so much legal paperwork that you'd give up before you got smothered.
Interesting perspective, I can follow the line of reasoning for sure.
Part of the reason I mentioned song or story (vs. visual format e.g. a comic) is because it allows the consumer to fill in the visualization themselves. Thus, while using the 'Steamboat Willy' version as a creator, the audience is free to substitute their conception as they please. No doubt I'm working a fine line here, but a catchy song about "Mikey Mouse on the River" could pretty much hit the factors to ground it in public domain...well, I'd like to think so at least haha.
I guess we'll have a whole new set of legal knots to work through. I mean as in Trademark vs. Public Domain Copyright. This does bring me to recall Southpark has frequently used Mickey Mouse in a parody fashion (as an evil, iron-fisted empire chief) and apparently did a good enough job of sticking to Fair Use that I can't find evidence Disney ever sued.
What I'm getting at is I do agree Disney is highly motivated to protect every bit of their IP to the fullest extent possible - no doubt their lawyers like this very much - but in a changing landscape, there may be certain workarounds that clever artists will use.
Trademark law would prevent you calling it Mickey Mouse and my guess is that if you ever tried to use the public domain Mikey Mouse, Disney's lawyers would bury you in so much legal paperwork that you'd give up before you got smothered.