While I don't know what percentage of the education budget is devoted to teacher salaries (including benefits), I highly doubt it is the sole reason for the high cost of education in Alaska (as your comment implies). 

I would suggest that the cost of supporting fifty school districts (Hawaii has only one) is also part of the problem.  The cost of maintaining/replacing/updating school buildings off the road system is also astronomical.  I'm certain there are other contributing factors, but gutting salaries and benefits alone won't be enough to rein in the cost of education in Alaska.  In fact, it may create more problems (costs) than it would solve.