Newsletter / Webform merger: The perfect email campaign tool

I need a tool which can be used for creating and managing email campaigns. The two Drupal tools which come closest are newsletter and webform, which offer:

Newsletter

• Create/edit/delete emails (newsletter issues)
• Manage emails by category (newsletters)
• Allow users to signup for an email campaign or import a list of email addresses

Webform

• Create form(s) to capture user information. Form can require any amount of information before submitting.
• Redirect user after form submission to any page.

These two modules are great, but I need ONE tool to do both. The admin should be able to create a form, without any programming knowledge, without having to enter field IDs, etc... An option given on the form should be IF this form gets added to an email campaign, and if it does, which one. Then you should be able to manage the email campaigns similar to the way you do now with newsletters.

I see three ways of doing this.

1. You create a module which creates a bridge between the two existing modules. Then you can still use the screens from both modules and you're not re-inventing the interface.
2. Use the underlying functionality of the modules but create an ideal, seamless interface to manage the email campaigns. This will require more work, but may offer a better user experience. I'm not sure which of the two is easier as far as development and maintainability.
3. Create a new module to do this by borrowing ideas and code from both modules, but duplicate all code locally. Development would be greater on this option but would remove the dependency on the other modules.

I'm taking bids and opinions on all options. Please include a development timeline along with a few Drupal module projects you've worked on.

Thanks,
Chuck