It is my belief that Andromeda's Cutline filter (mentioned above) is
likely to be the best tool you can find for creating images that
resemble the Wall Street Journal's "hedcut" art. Here are two
additional filters from Andromeda that may interest you:
"Series 3 Screens converts... mezzotinting and digital engraving into
a fine art! Series 3 Screens converts gray-scale into a wide variety
of different line art screens from 15 to 400 lpi. featuring
mezzotints, sharp contrast mezzograms, mezzoblends, ellipses, lines,
circles, spokes, waves or any blended combination."
Andromeda: Series 3 Screens
"EtchTone, a continuous tone screen, is a classic old printing look
that softens the harshness of solid black and white line screens."
"Panopticum Engraver - it is an additional module for the Adobe Photoshop 5.x.
The main destination of our module is cutting through images with thin
lines that will form a geometric pattern. The thickness of lines will
change depending on the initial image under the lines."
"From basic TV-screen to complex woodcut or engraving effects, from
simple patterns to weird moire overlays - Raster master does it all.
Full control over lines density, angle, curvature, color and
transparency; powerful control for black/white lines width balance and
of course AmphiSoft original "displacement by source" ("Line drift")
feature for 3D-like distortions."
AmphiSoft: Raster Master
"Convert color images to unusual black-and-white halftones. Or use its
color modes to produce strange etched effects."
Flaming Pear: India Ink
In case you're interested in learning how some of these effects may be
achieved without the use of plug-in filters (but with the use of a
great deal of creativity and elbow-grease), there are some wonderful
And here you'll find some details about the creation of the WSJ "hedcuts":
Hedcuts in the Wall Street Journal
I hope this is helpful! If anything is unclear or incomplete, please
request clarification; I'll gladly offer further assistance before you
rate my answer.