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These are all very good ideas.
Our chapter has nearly 200 alums over 10 years. We have just begun to produce a newsletter consistently and update our alums monthly on what is going on with the chapter and the alumni association.
A good rule of thumb for newsletters is to keep it 80% alumni-oriented and 20% chapter-oriented. This way the alums will get a good idea of what other alums are up to but also keep abreast of the chapter's progress.
I really like ktsnake's idea of having the undergrads produce the newsletter with an alum to oversee/edit the final version. That way you don't end up with the inevitable "party schedule" or "give us money" blurbs that can creep in.
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