If you've already formatted this into XML, as shown: <mynews><news><fullstory></fullstory></news></mynews>
then incorporating WDDX is not necessary.
CFWDDX is simply to convert data sets you already have within CF variables (structure, arrays, or query record sets) into an XML standard. Serializing from CF into WDDX or deserializing from WDDX to CF is only necessary if you need to package up data for transmission.
If you already receive data in XML format, obviously yuor company has its own standard. How you parse and display this though is now on your shoulders as the developer. WDDX was introduced so that you could say, collect an XML dataset and convert it into an array that you could then loop through using CF.
If you've decided on CF as your standard to format the XML for output, then you should use WDDX. All that means is that whatever process produces your XML in that format you included, they should either let CF query that data and display it directly, or change their XML standard and write it like WDDX :
<wddxPacket version='1.0'><header></header><data><array length='6'><array length='2'><string>Classifides</string><string>classf</string></array></data></wddxPacket>
ELSE! you have to actually program the parser to understand the XML.
hope this helps you make your decision. if you're using CF for XML, id recommend WDDX.