Look for comments made by VoiceTeacher on this very subject. He is on faculty at Shenandoah and has a lot of knowledge about both sides of this question. You can also do a search for previous threads on MT vs. Vocal Performance (VP). There have been several over the last few years.
This current thread deals with two specific summer intensives - one voice, one MT - but the reply posts address some of the same issues.
http://talk.collegeconfidential.com/musical-theater-major/1778011-summer-program-question-bw-music-theatre-or-ccm-voice.html#latest