I've also been thinking about processing news with LMs, but from a different angle. One big complaint I have for reading news through RSS, is that there's no natural hierarchy/priority to the news. There's no front page, no headline, no size in RSS feeds. Given the way news agencies generates those feeds, there are _tons_ of repetition, tiny updates, some insignificant one-liner interview about some significant event…
The main differences compared to what you are thinking are two things. One for the `Significance of the event` I've used the number of publishers talking about that event. So more publishers == more important. Two, I've done this in a daily fashion instead of a weekly report.
I can also confirm that the LM has the capability to do at least a days worth (2500+) of articles. I would doubt its capability to produce an entire article but it does a great job at a small summary.
Here is the link if you wanted to check it out. https://apps.apple.com/us/app/quill-news-digest/id1669557131