This sounds like a perfect case for using a standard templating module. Using say HTML::Template you end up with very simple template and perl coding.

Message-ID: <1039751337.22128@idhost> 
Content-Transfer-Encoding: 8bit 
Content-Type: multipart/alternative; boundary="_----------=_1039751337
+22128" 
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Date: Thu, 12 Dec 2002 19:48:57 PST 
From: <!-- TMPL_VAR NAME=FULLFROM --> <<!-- TMPL_VAR NAME=FROM -->> 
To: <!-- TMPL_VAR NAME=FNAME --> <!-- TMPL_VAR NAME=LNAME --> <<!-- TM
+PL_VAR NAME=EMAIL -->> 
Subject: <!-- TMPL_VAR NAME=SUBJECT --> 
Precedence: bulk
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then the perl is trivial

while(my %recipient_info = get_info_from_db()) {
    my $template = HTML::Template->new(filename => 'email.tmpl');
    $template->param(%recipient_info);
    print $template->output();
}
[download]

Hope this helps
UnderMine