If you are comparing your 21.1 MP 5D Mk II to an 8.2MP, then yes, you could just crop your 5D Mk II file and have the same amount of detail as the 20D image. This is becaus the pixels are packed together as densely on both cameras. However the 20D is a 6 years older than the 5D Mk II. If you compare current cropped sensors to current full frame sensors, the cropped sensors are pretty much always more dense. So if you were comparing a 7D to your 5D Mk II, if you cropped in the 5D shot, it would not have as much detail and either be a smaller image, or if you enlarged it to be the same size, it would be softer/less sharp. For a full frame to be able to crop to the level of a 7D it would have to be around 46 megapixels.
So if you are trying to shoot something off in the distance and the longest lens you have is a 300mm, the 7D will have the object fill more of the frame and have more detail than the 5D Mk II... so in that respect yes the telephoto factor is true. But if the crop camera has few than 1/2.56 (1/1.6^2) the number of pixels as the full frame, the full frame will get more detail.
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~K