Bootie, that seems like a lot of work. We've seen something like it before on The Blitz (didn't you do that one?) and after a while it died a natural death mostly because there just isn't enough (interesting) news to report. I'd like to see you save your energy for other FGM stuff. Just sayin'.
Yeah... better focus on important news on the front site like new tournaments or big changes on the ladder (e.g. Spike loosing 30 games in a row) and what other stuff is needed and important.
Perhaps you could do a monthly "highlights" feature for the frontpage? I quick paragraph with links to whats been hotly discussed recently and a quick summary of updates? Could be useful for getting new members but i agree that a newsletter as such wouldn't be the best idea.