Better example:
Pegasus XL is 980lbs payload / 51000 gross, air launched
Minotaur I (Minuteman 1st, 2nd stage, Pegasus XL 2nd/3rd stage) is 1,300lbs to LEO, and 81,000lbs gross from the ground.
So on a scaled basis, the air launch buys you about 20-25% payload vs gross weight, but that advantage disappears once you get to even slightly larger systems (Minotaur IV where the payload to gross weight fraction is the same or better than Pegaus XL)
Now, if you applied more recent tech, and a liquid fuel booster, you could probably get the payload:gross ratio to about 1:20 for the upper stage, meaning for a 747 carry-able 200,000lb vehicle (but expendable) you could get close to 10,000lbs. Such a vehicle would require about 1/2 the engines of a Falcon-9, and 1/3rd the tankage, but that means its effective cost would be about 1/2 a falcon9, -not- counting the carrier aircraft...for about 1/2 the payload to orbit.
Add re-usability for everything but a small upper stage, and the mass fraction would decrease, and you would likely only get 1:30 or worse (remember, the shuttle orbiter is about 1:3 payload:gross not including tankage, and 1:40 including the whole stack...(the ET is probably the highest mass fraction item in existence that has to bear reasonable loads...it is almost 97% fuel/ox by weight at liftoff)
It turns out the key to SSTO and DSTO (dual stage, which counts either a reusable rocket first stage or an air launch) isn't tankage, we have that, its whole-trajectory optimized engines.
For example, looking purely at stage mass fraction, the Titan-2 first stage which has a gross mass of 121,200kg, and a dry mass of 4300kg (28.2:1 mass ratio), a 258s sea level ISP (and with no modification, a vacuum ISP of approx 295+s) would be capable of a (neglecting drag and gravity loss) of 8800m/s. with a burn time of 158 seconds, a T/W at takeoff of 1.6:1 is only shy about 1000m/s of achieving orbit even including estimated drag losses even with zero payload...however, that is due to the fact its engines can't throttle significantly, so it would be accelerating too fast after about 20-30 seconds and would be killed by drag.
If you could throttle the engines, it would be only about 500m/s shy.
If the engines had extended nozzles to increase the vacuum ISP to 310-315s, while decreasing sea level ISP by about 5%, it could achieve orbit with a small (<1000lb Pegasus type) payload.
So the issue isn't technology (Merlin is throttle-able, and has better ISP, and obviously even 1960's tech can build a light enough stage) its that single stage is inefficient. After all, when one adds the Titan-2 second stage (a mere 28,000kg more) the proven payload to orbit without any mods is close to 8000lbs (3600kg) or a payload to gross mass ratio of 40:1, better even than a Pegasus.
The TL:DR version:
SSTO is inefficient compared to DSTO
DSTO costs more, but not in ratio to payload (effectively, 2x the cost for 4-5x the payload)
SSTO only makes any sense if its truly turn-around re-usable, but even then, a DSTO with the same re-usability is vastly more efficient (why spaceX is working the grasshopper concept for first stage re-use, which is the bulk of the cost)
And air-launch is fundamentally limited by carrier aircraft payload--the advantage of air launch is basically a 10-25% lighter gross weight, but the BIGGEST aircraft can only carry a rocket big enough for the small-medium size launch vehicles.
Sure, people have looked at super-large aircraft as a carrier to loft falcon-9 size payload carrying vehicles, but given the A/C development cost is basically equal to SpaceX's -entire- capital investment...what's the point? It won't be any cheaper, and far more can go wrong...especially since you can't do the full-throttle run-up before launch that spaceX can, which has proven to be -really- important, and likely saved at least one launch from failure.