I'm a graphic designer, so I could probably contribute a little on the layout/design of the newsletter itself as well as graphics. I can also proof/edit when necessary.
I think distribution should fall into either an on-line site (HTML) accessible by all, by PDF, or by e-mailed text file. Obviously, delivery method depends on what you want people to get (info vs. pretty pictures).
As for time, I advise a monthly. It'll be heftier when it comes out and may require better management, but with peoples' daily lives and establishing deadlines for the newsletter, it'll require more time for coordination.
Who knows, this may turn out to be a nice resume entry: "contributed to on-line published community newsletter with circulation of 10,000"
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