Sounds like a good idea with lots of potential.
"Club" deal would be interesting, but as mentioned above I doubt that it alone would make for a real club. I doubt you are wanting people to sign up just to see what the monthly special is! Not much of a "club" to me.
You could really brainstorm some good ideas with the newsletter. Maybe have a "Paul's Page", where you write a lengthy, very informative article on something. Or, perhaps you could write an article but have the articles be of "odd knife facts", or a very focussed piece (steel make-up of blades used 1000 years ago), etc. There are plenty of sources where I can go read about the newest lock or how well the new [insert production company here] knife works. For example, I can read a half dozen sources already on the Buck/Strider SBT. But maybe in the club newsletter there could be a Paul's Page article which is an interview with one of the officers who gave initial design input into the project. Or, interview Steve Tarani, etc. Perhaps you could allow submissions from Club Members, as well as an article of your own.
Just some small ideas there for ya. I definitely say that the idea has great potential. Make it a real treat and it will be worth the time and effort, and it will be a real "club". You might even be able to have Club IRC chat night too, etc. Mayeb arrange it so that a knifemaker is on the chat at the pre-assigned time so club members could ask the maker questions, etc. Stuff liek that would be fun!