Excellent idea. A very large non profit organization already does this and very successfully at that, the USCF.

I am a life member of the USCF (United States Chess Federation) and they do charge new memberships, as well as renewals, a higher rate for the printed magazine vs. the online version. That would not be applicable to LMs. I pay CCA dues year by year and would have no problem paying a bit more for the printed magazine.

As always Doug brings up valid points for future discussions and possibly a few changes.