It is likely that it was originally intended to be Locarno on Voyager, but that once they considered the financial aspect of it, Locarno likely became the prototype for Robert Duncan McNeill's Tom Paris, rather than a direct feed. There has not been a definitive answer on the exact intent, but from the Memory Alpha page:
Nicholas Locarno was played by actor Robert Duncan McNeill. Locarno was the inspiration for Star Trek: Voyager's Tom Paris. When the writers were trying to cast for the part, they could not find anyone that seemed to match McNeill's persona, so they eventually just asked him to read for the role, and he got the part. Reasons for not simply bringing back the Locarno character have varied; it may have been because they would have had to pay royalties to the writers of "The First Duty" during every episode of Voyager where Paris appeared. In interviews, the producers of Voyager claimed Locarno's actions made him irredeemable, making redemption unbelievable for audiences. (TNG Season 5 DVD) McNeill himself has stated that, despite their apparent similarities, Locarno and Paris are two very different characters.