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electronic of microfilm for ILL?

We're under a big space crunch here, plus our staff would like electronic
access to our subscriptions.  I'd like to switch every subscription over
to electronic format, but I have heard that most publishers will not allow
a library to use the electronic format for interlibrary loan--Is that the
general understanding among you folks, or are there particular publishers
that give you carte blanche regardless of format?

Accordingly, in order to comply with electronic licenses and to deal with
our space limitations, if we are unable to use electronic subscriptions
for ILL, I was thinking of subscribing to both electronic and microfilm.  
Can I purchase a microfilm version, skipping the print altogether, or do
most publishers insist that you purchase print and replace it with
microfilm?  I don't want to have to buy the same journal in three
formats--we don't have that kind of money. Is it ok to use microfilm for
ILL if I haven't bought the print version?

Rachel Resnick, MS
Manager, Library Services
Doylestown Hospital
595 W. State St.
Doylestown, PA  18901
215-345-2541 (fax)