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There are a bajillion myspace resource sites out there nowadays, and most of them have already milked everything out of the niche.
But if you are interested in a Myspace Turnkey Script or so, you can pm me.
I think that the most effictive method of advertising a site like that would be bulliten posts. You could code something like, "Tell your friends about this" button which leads to an already created bulliten they could send it to your friends. This way of "viral marketing" is most effective.
Another way of advertising for it is to buy a couple of bulliten posts from someone that has a large myspace account like 64k or 100k. Buy a couple of bulliten posts from them (remember their bulletins goes to all of their friends) and advertise about your site.
Also, if you are using Yahoo Ads, they really don't like Myspace sites like that, and it would get you banned from their network.
I hope I was helpful.
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