I personally have a magazine called the corridor that goes to about 24 towns in my state and am thinking of writing an article once a month to be put in there.
It's a new market to tap into and it's probable that your competitors won't do it. Most internet people tend to stick with the internet. Then, there are your people who need a reason to go to the internet, and your newspaper ad could be that reason!
I think that there are more efficient methods to get traffic. In my opinion it's too complicated way to get traffic.