I currently have this site tobyNews that is up and running with Drupal 7. However, while in the process of giving the site a mobile version, I thought maybe it would be easier if the front page content that is displayed when you first visit the site was simply output to another page, like m.tobynews.com . Is there any way to sort of add another output without altering the main page?
I would personally suggest putting breakpoints into the CSS and making the site adaptive. You would save yourself a lot of time building a separate mobile site.
Plus, especially with adaptive widths, and not fixed widths, you allow your site to display nicely on all sizes of device screen, and when a user reduces the size of their browser window on a desktop.
Alternatively, To detect a device and show a different site e.g. m.yoursite.com have a look at this answer.