Here's how I did it, but there may be better ways...
1) In Safari, click the show all bookmarks icon (or choose it from the menu)
2) create a new bookmark folder and name it something like "Feeds"
3) start up netnewswirelite
4) Click on a subscription, then do command-A (select all)
5) drag the subscriptions over to the Feeds folder in Safari
Safari won't recognize the urls as feeds until you visit them, so another handy step is to ctrl-click the Feeds folder and select "open in tabs".
Cheers,
Dean