Has anyone had success cross-promoting email newsletters with other bloggers?

About a year ago I started a daily newsletter for my tech blog featuring links to my latest blog posts. It's growing by around 20-40 new subscribers per day and the total subscribers is currently a little over 7,800.

I've been pondering the idea of doing some cross-promotion with other text/blogging/social media related blogs to expose both our blogs to new audiences.

My newsletter gets pretty decent engagement depending on the topics covered on a given day:

Open Rate: Varies between 20% and 25%
Click Through Rate: Varies between 30% and 60%
Bounce Rate: Typically around 0.2%

What I have in mind is a simple shoutout (with link) for the partner blog/newsletter in my newsletter in exchange for a shoutout for my blog/newsletter in theirs.

My question is has anyone done anything like this and found success? Are their any pitfalls I need to be aware of?

Thanks