Advice on how to ball park a pretty complicated site

[gjledger_2k]

Up til now, my company has been providing microsites for published magazines. We have a client who wants to do something a little more complex.

Every quarter they publish 32 versions of newsletter. Each version is based on the state where the user lives, a particular category that the user falls into, and perhaps a sub category as well. Moreover, some magazine versions must have alternate spanish language versions (and one state requires 6 different language versions).

My solution would be to have the user go to a log in page, enter a username and password. Based on that entry, they would be taken to the state/category/subcategory/language version of the magazine (rather they would be shown just the pages that pertain to them)

My feeling is that all the versions would share one or two basic templates and one database, so the cost of building the site would be one upfront fee, then quarterly fees to produce each version.

My boss wants a ballpark on what we should charge.
First, can Joomla handle this? Or do we need another solution?
Second, given that the client now spends literally millions of dollars on the magazine( primarily in mailing costs), I don't think an upfront charge of $100,000 is unreasonable. It will also allow us to bring in actual programmers (right now our IT department is two people handling everything from initial concepting, wireframes, design through HTML/CSS/jQuery...but no PHP or database experience.)

I don't think two people with our skills can handle all of the upfront stuff, but I'm hoping our company would bring in a team of coders.

The other option suggested was to have a separate site for each version (which would have us maintain 32 Joomla installations in subfolders), and charge a little bit for the template, then charge a higher maintenance fee per issue per quarter. In that case, maybe a template creation fee of $4500?

We're in Chicago, btw.