check the picture forum...
Jodie Wexler has been doing a mock-up of a fictional CD magazine there.
I would say based on the popularity of her threads, and my own experience on my blog as I look at things like why people visit and importantly (for your purposes, not so much mine!) how LONG they visit, how many pages the view, (holy run-on sentence batman) that the appeal of such a magazine would be visually driven. On the rare time I post photos, people stay a lot longer than say when I list a diet recipe.
You could mix drag queens in a mag for closeted CD's but not the reverse. Drag queens live it so wouldn't as likely buy it.
Cd's would want to but would be embarrassed to be seen buying it. Definitely plain brown wrapper or better, online.
As far as adult stores the mags there would be of lesser interest to I would guess 1/2 of the CD's. Much as a magazine for woman wouldn't look to penthouse for cues, so therefore would the whole CD porn industry not be quite the same as a magazine you described. Those magazines are more for the CD "admirer" than for the CD's themselves. Now that isn't to say that CD's themselves like any other group of men have a subset that are very much admirer's of other CD's, just saying thats a different market and less broad than the whole.
I think you will find that we are pretty chatty girls here for the most part. 2 more posts and you are officially in the club. Heels and a skirt are not required for membership and to send PM's to members but 10 posts are. good luck!