We are moving toward sending our quarterly newsletters and periodic postcards out electronically to as many of our present constituents as possible (based on their stated preferences). 

Our plan is to create an "eNews Preferred" solicit code to filter out for printed mailing labels and conversely use a "No e-mail" solicit code to filter out individuals who do not want e-communications.

I would like feedback on the pros and cons of our plan as well as alternative ways folks are managing there hard copy vs. e-communication preferences.

I might suggest that you use the "requests no email" checkbox rather than create a "no-email" solicit code.  If they want some email but "No eNews" then I would suggest a solicit code. 

The requests no email is something that has advantages if using NetSolutions (and presumably NetCommunities and having two places where a no email code could live is essentially asking for trouble.