Sounds like an old idea of a zine. Two problems to tackle:
First, logistics of the physical stuff, thankfully http://magcloud.com/ was recently launched so barrier to entry is considerably lower.
Second, getting the permissions from bloggers to syndicate their content. There's plenty of issues here. Foremost being that most blog content are... well... blog content. They're pithy, short, fluffy, sugary, whatever. If you find higher quality material then you have to pay for it. The established bloggers might not be interested in sharing control of their content.
First, logistics of the physical stuff, thankfully http://magcloud.com/ was recently launched so barrier to entry is considerably lower.
Second, getting the permissions from bloggers to syndicate their content. There's plenty of issues here. Foremost being that most blog content are... well... blog content. They're pithy, short, fluffy, sugary, whatever. If you find higher quality material then you have to pay for it. The established bloggers might not be interested in sharing control of their content.