The main differences compared to what you are thinking are two things. One for the `Significance of the event` I've used the number of publishers talking about that event. So more publishers == more important. Two, I've done this in a daily fashion instead of a weekly report.
I can also confirm that the LM has the capability to do at least a days worth (2500+) of articles. I would doubt its capability to produce an entire article but it does a great job at a small summary.
Here is the link if you wanted to check it out. https://apps.apple.com/us/app/quill-news-digest/id1669557131