Questions on Romans 1:16-17

Our small group at New Song Church (EFCA) has begun studying the letter of St. Paul to the Romans. After reading the book some 20 times, I figured I had a pretty good understanding of what it was about. But reading some differing perspectives on the overall theme and argument of Romans always challenges me to go back to Word itself.

Perhaps the best "thesis statement" in Romans is 1:16-17: "For I am not ashamed of the gospel, for it is the power of God for salvation to everyone who believes, to the Jew first and also to the Greek. For in it the righteousness of God is revealed from faith for faith, as it is written, 'The righteous shall live by faith.' " (ESV)

If you have insight into a few questions, that would be great!

(1) Is "the power of God for salvation" the effect of the gospel message or the content of the gospel message?

If it is the effect, this would mean that as the gospel is preached, God's Spirit works to create faith in the message. It's God's powerful, mighty Word through which he brings life. (See 1 Thessalonians 1:4-5.)

If it is the content of the gospel, then the gospel is about the power which God has exerted in Christ upon the cross to justify sinners and break the power of sin and in the resurrection-defeat of death and decay. (See Romans 1:4; Ephesians 1:19 ff.; Philippians 3:21; Colossians 2:12.)

(2) How are we to understand "the righteousness of God" revealed in the gospel? Does it mean "the righteousness God bestows" or "God's own righteousness"?

If it means "the righteousness God bestows" or "a righteousness from God" (NIV), then the gospel reveals that, in the face of unrighteous mankind's dire need in the face of God's wrath (1:18), God has provided a justifying righteousness for us. The argument stretching from 1:18 to 3:20 seems to point in this direction, especially since the Greek links 1:18 to 1:16-17: "For (gar) the wrath of God is revealed from heaven against all ungodliness and unrighteousness of men."

If it means "God's own righteousness," then the gospel is about how God turns out to be and faithful and just. One question put forth in Romans is whether or not God would punish sin and, if he did, how he could still bring his promised life and salvation to a universally sinful world. The answer is the propitiating work of Christ which "shows God's righteousness" (3:21-26). He upholds both his justice in punishing transgression as well as having devised a way to justify (vindicate or declare righteous) sinful people so that they could inherit eternal life. God's faithfulness is also "on trial" in Romans, since the very people to whom he promised salvation, the Jews, are rejecting the Savior (3:3-4; chapters 9-11). If God promised the Jews salvation and yet they're not actually entering into his kingdom, is God impotent and/or a liar?

I suppose it's possible that these ambiguous phrases contain both meanings simultaneously, though that seems to contradict general theories about how language works. Are either of these examples of double entendre? Any helpful thoughts?