Say I have Stitch – Rock Star in play and a cost 3 character in my hand. If I use Lantern so I can pay 1 {I} less to play that character, can I then exert the character to draw a card?
No. It’s not the character’s cost that’s reduced by Lantern but rather the amount of ink you need to pay in order to play it. The character’s cost would still be 3, so they wouldn’t qualify for the “cost 2 or less” part of the Adoring Fans ability.
Official set release notes — Fabled