Yes, there are no 'catch all' rules for redirects in the module at this stage. If you've got a one-to-one mapping of the newsletter to DNN pages, then you'll need to create a new DNN page for each newsletter, and add a redirection for each of those pages.
You can do this quickly yourself by creating a sql statement to insert into the ifty_TabRedirect table, or you can do it through the interface.
The colums you need to set are TabId, RedirectTabId - the same as the page you want to redirect to. Url - the path section of the redirection you'd like to capture (ie newsletter/jan-08 or whatever the url you would like to intercept was. The httpStatus column should read '301'.
The IIS settings are mapping .htm to the asp.net runtime - you don't need to wildcard the extension if you don't need to, just map .htm and you'll be able to redirect.