Owner wants newsletter because that's his hot thing right now:)) Competitors use them (not very effectively, IMO), so now we have to have one (newsworthy news or not). One competitor is extremely heavy in HTML and image presentation. While there is some useful information, it is jam-packed full of filler junk; image heavy, and they are blocked by default often as not, so looks terrible until you okay the display. Another uses attached .html that is completely broken 50% of the time. Strongest competitor does not use newsletter marketing technique at all.
I am strongly selling the above technique. A simple, friendly 'Hey, our newsletter is available.' email (double optin signup, so they will already be happy customers that we want to protect our relationship with) - with links to .html onsite, and also print ready PDF version link on that page for those who think it worthy.
More concerned about getting the emails delivered than presented - unless I get handcuffed on the final presentation decision. Short text only email should be easiest to send without a lot of extra hoop jumping.