So you’ve estimated $205.65 to support the site for one year? If site traffic remains high, I don’t think you’ll have much of a problem attaining that through the Google AdSense program. In time, they will do a pretty good job of serving related advertisements. Perhaps we can all agree to scan the Google Ads during each visit and click on one of the “sponsors” from time to time. I could put them in the blue left border under “Let Freedom Ring…” and try to make it as unintrusive as possible.
However, your offer of Web space and an Email address to site donators is interesting. If you could get 10 people to donate 20 bucks for that, you’re set. I think that’s a pretty good deal, but just watch the disk space and bandwith used. You don’t want to increase operational costs.
I think either approach is reasonable, but I voted for ads as it’s easiest to implement and administer.