An already existing "collectible" magazine is being made in the UK, with disfigured figurines of people from the films. There is a discussion about it
here. Enjoy!
I dont think there should be a Tolkien magazine, because it is more fun to discuss him and his works in a forum where everyone can contribute, as opposed to reading someone's views. It would be good to read about meetings etc., but that is a lot more efficient online.