Variable content in email blasts?

I'm looking at our options for customizing the content of individual emails sent within an email blast.  This will give the recipient an email with personal content and action items based on their history.

Let's say we have 10 text blobs, one for each of ten scenarios.  A scenario might be something like one of these ...

This person sponsors a child
This person has bought something from our Gift Guide
This person is a volunteer

So, In the email blast, if the recipient sponsors a child, then insert text blob #1, if they bought from the gift guide, insert #2 and so on.  Several scenarios may be true for any given person so using a saved search and email templates for each one won't work.