This isn't letterpress but something about the ornaments and typefaces captures the look I think i would go for. We have some ornaments similar to this.
Another skinny tabloid trad look, with more white space and a mix of typefaces.
Here's a sense of the general look for the more traditional option. I have in mind a more art-deco look, given the typefaces I have available, but this is generally how it would look to fit the text into the skinny tabloid format.
HAMMERPRESS | Ra Ra Riot Autumn Tour Poster (2007) This is the kind of effect I would go for with the more graphic, modern option. A wash of colour in the text behind, and details in the foreground.
Multiple colours used on a traditional layout. I could achieve some of this effect by hand inking the type in the press instead of inking the rollers. I haven't tried it myself yet but it looks like it should work!