Any specific reason not to use a mailing list tool like mailman (and of course there are others, mailman is just the one I have experience with)?
Things like only allowing members to post (which can be spoofed, of course, but still prevents most spam like you already wrote) is a standard feature in these tools. Along with other cool stuff like standard-mailinglist headers helping user-agents that are aware of that, or VERP to filter out abandoned addresses. Mailman integrates particularly nice into exim, but I don't know about sendmail (just hate this config-monster, sorry *g*)
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