I would use sendgrid.com and its awesome newsletter API, alsoi sendgrid
takes care of spamming protection.

I wrote an module to interact with send grid through the API
https://github.com/rochacbruno/pysendgrid

But if you really want to use your own structure you should have a table
with "email", "recipient", "status"

Select 500 of your users which message has not been sent yet, send the
messages, time.sleep(1 hour) and do it again.
for every email sent you go to status table and check the "status" to "sent"

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