FBS has a number of constituents that are useful in tissue culture. While newborn calf serum (NCS) may provide the same constituents, it may not be the same. Running the appropriate positive and negative controls will address the potential for NCS to be used as an FBS replacement without significantly altering the conditions of your culture.
For the replacement of FBS with feutin, fibronicetin they are the growth promoting factors as have higher affinity for the attachment of the cells on the surface as well as initiation of the mitosis. They are commercially available but you may optimize the suitable concentration .
The major difference between new born and foetal calf serum is the complement system. This is not bresent in FBS, yet it is (at least partially developed) in NBS. Many cell lines have problems with the complement system. Try it, If you're lucky, you might come out cheaper.