I don't believe this part of the documentation is particularly accurate, as it applies only to the windows (SMTP) method of sending.
Sending loads of mails in a loop should be fine, especially if you put some sleeps in to slow it down (gives some of the earlier ones a chance to be delivered).
A decent MTA will batch them by destination anyway, and retry as necessary.
Of course using a cron job for this is pretty much vital, as it mustn't be interrupted (perhaps do it at a time of day when the machine will be less busy).
Of course you could store some data in the database about who is to receive what- depending on your requirements.
Mark