You definitely can build a job to do this every X units of time.
Another approach is on each page load, check to see if you have a cached copy. If you do, check how old it is. If it isn't too old (say an hour), use the cached copy. If its too old or doesn't exist, then go out and fetch the latest RSS feed. Rinse and repeat for each site/blog. Problem here could be if you have too many sites you're checking in on and the amount of time it takes to load those feeds. For a dozen or so, I think you might be ok (of course, some testing will be needed).
You might look into Magpie RSS Parser. It'll handle the caching and fetching for you.