This is indeed a good idea. I think it would be useful for those who have family members who are studying, or looking into the JWs. However, the JWs simply aren't very relevant to most people. To most people, JWs are an oddity, or a irritation to be brushed off. Many people do not have the incentive to educate themselves about the Witnesses because they already view them as a silly religion. For example, I personally have no desire to do any in-depth investigation into the Church of Scientology because I already know that L. Ron Hubbard was a nutball.
So, don't be disappointed if many in the public don't show much interest. I still say go for it; however, trying to distribute this type of magazine to all households the same way the Awake magazine is; would cost millions of dollars. A more cost-effective method might be to sell copies of it exclusively to churches, and non-profit organizations while waiving the copyrights. You could encourage them to make photocopies of it and to distribute it freely to their congregants, and friends.
Another more cost-effective alternative might be to create an online magazine. Many of the major magazines and newspapers offer online subscriptions to readers instead of them receiving actual issues in the mail. You could send out mass mailings avertising the online magazine; and offer an annual subscription. Or, you could send out mass mailings advertising the online magazine that can be read freely. You could make your money through offering ad space on the website, or by setting up the magazine service as a non-profit organization; and soliciting tax-deductible donations to the public.
You will want to look into all of the legal aspects of publishing information on a major religion especially when it involves using their own publications. If you are charging for the magazine, this will raise some legal issues. A good law firm which specializes in representing the publishing industry should be consulted before the ground work begins, so that you can possibly avoid unecessary litigation that could put you out of business.