email mailinglist parents

Best method/modules for creating a parent/community available email list?
Requirements:
-anonymous subscriptions
-membership management
-bounce processing
-usual mailing list management
-grade level/classroom mailing lists
-announcement mailing lists
-RSS feed source or list emails triggered from postings

Currently running a Drupal 5.7 multi-site installation. Should I look at Drupal as a solution or utilizing existing mailing lists (phpList, Mailman) software?