I made a similar news feed few years back, and I can tell you the process I followed -
There's one list where admin or some special group puts news in a specific interval, I kept that list in tact. But I created one seperate html file, in that file I created the scrolling part, that's very easy I am not going to describe that part here, still if you need some simple quick reference
<marquee id="mqScrolling" behavior="scroll" direction="up">upward scrolling text</marquee>
Now to add items inside the marquee, I used ajax to fetch data from the list with SharePoint list.asmx web service, and add each item inside marquee with jQuery/JavaScript in a specific format, so roughly the code would be (please consider this as pseudocode not actual code)-
$(collectionReceivedByAjaxResponse).each(function(i, e){
$('#mqScrolling').append('<a href='http://site/Lists/listname/DispForm.aspx?ID="+extract_ID_from_e+"'>"+extract_text_from_e+"</a>');
});
add some style as you wish and it works like a charm, please let me know if you face any issue with ajax call part