Hello Mike Badgley,
Thank you for getting back to us.
Let me try to explain this a little bit clearer. Lets consider that News and Pages are two different applications that are part of Sitefinity. Pages can be previewed as how they will look on the live site because they do represent pages with templates and themes. While modules on the other hand (which are News) are a different type of applications - they are applications for providing different types of content when that you serve on a page. Each content piece that comes from modules can be shown on an unlimited number of pages - hence Sitefinity does not actually know on which page this content item is displayed and therefore you can not preview it as it would look on the live site.
As a sort of a workaround you can modify the ~/Sitefinity/Admin/ControlTemplates/News/NewsItemPreview.ascx control template that defines how the preview looks for News and make it look similar to the News page on your live site.
the Telerik team