Hey Diana,
I think that's a great idea as I'm working on something similar for my area, and since you don't have to risk a lot to try this in your town I think you should by all means go for it!
My plan for the restaurants in my area is to offer them a free webpage business listing, offer to put their entire menu with photos online for $30 a month, and also offer to develop an email marketing list for them and maybe charge $50 a month for that service.
www.loyalcustomerclub.com does something similar for about $100 a month with drop boxes and forms for people to fill out - but personally I'd rather get them to go online and join a restaurants list and offer an incentive to do so - instead of having to re-enter all their information from a paper form into an email system.
HTH,
Steve Solem
www.ravedesigns.com
P.S. Another option would be to develop just one mailing list for your town and then once you get a number of people subscribed you can charge restaurants to advertise in your newsletter - but I think it would be best for each restaurant to have their own list.