So I may be stating the obvious by suggesting that some form of monthly magazine highlighting current projects would have little to no appeal to either prospective students or current postgrads (in your opinion)?
I think this is highly subjective. Some students may love it, some may have a passing interest and some may not be interested at all. Like with everything I guess.
I'd say I would have a passing interest. If I see a society magazine, I might flick through it, see who is doing what in my area. In the same way I have googled to find people working in other unis in similar areas to me, or browsed conference abstracts etc.
Having a resource like you're describing may be useful, what I'm saying is, there's already resources out there serving a similar function, so I'm not sure I personally see the benefit.
But if it makes you feel any better, I'm not business minded, I'm risk averse and I prefer the status quo, so I'm probably not the best person to listen to anyway!