How about using Pandoc[0] as part of your wrapping pipeline? It supports the full round trip between markdown, HTML, and back. Seems like this would be a perfect use case for it.
You can easily script mutt to include a plaintext file and an html one generated by pandoc, so that people reading your emails can fall back to a plain text version of your mails in case they can't view html.
[0] http://pandoc.org