I'm assuming you intend to print this newsletter...if so, I see no reason you shouldn't be able to lay it out in Microsoft Word. Importing chess graphics should not be a problem, as a lot of freeware PGN viewers let you export graphics files of board positions.
I sometimes use a program called ChessCat (http://www.chesscat.loncarek.de/), and it does a fairly good job with the diagrams. If you want to use the program, you can select "Copy position to bitmap" in the "Edit" menu.
Good luck!
What are the best tools for producing an ordinary chess newsletter if you are on a tight budget?