[Bloggeries]

Definitely a good idea. You don't need THAT many daily uniques either to sell advertising. If you have targeted traffic in the hundreds its better than not targeted traffic in the thousands.

Don't make your prices too unrealistic and go for monthly plans so if things change for either of you changes can be made. If you plan on increasing prices give current subscribers a few months "notice" so they can stay or look elsewhere cheaper.

Also only take the business from sites that would potentially benefit your readers. I know it's hard at times but this will actually add to your site instead of just make it look like it sold out.

Great idea though "private ad sales" are often one of the larger money makers for any blog / site.