If you plan for no ad revenue then any ad revenue would be a bonus. Getting ads and then getting paid isn't easy. Some have commented on newstands. Getting broad distribution on newstands can't be that easy. Even if you do the costs must add up. With a sub only publication then you don't need to print up extra copies hoping they'll get bought.

A couple of ideas. I used to get a journal that was basically just laserprinted in major part. The few pages with photos got farmed out. The whole thing would show up in an envelope and you'd slip the pages into a binder [The pages came punched] Worked. Once into the binder looked just fine. I assume you could get the text articles photocopied? The advantages are you can adjust your print run fairly easily. It's cheap. It's flexible. No min number of pages.

Somebody mentioned a pdf or other electronic versions. Personally paper is nice and it doesn't need to be expensive.

One final thing. I'm willing to go out on a limb and state that the actual printing process will be the easy part. Filling up a magazine with good [non-repeat] stuff will be harder. I assume the idea will be a quarterly or less often?