Mikey,
A third option is to create your design for your paper so that you can get base runs of the layout printed at a 4 color offset house. Once you have these, you can print the daily information (date, articles, photos) onto the base running it through a black only laser printer or using a one color offset press. The downside to this is that any photos you want to include and all copy for the imprint will have to be black, but on the plus side, you only need to buy either a black laser printer or a one color press.
By the time I walk out of here, I'm going to be a lean, mean, prepress machine...