awk for loop for each line in a file

There is no reason to use awk for this. You could do it directly in the shell using read. The general format is read foo bar which will save the first field as $foo and the rest of each line as $bar. So, in your case, you would do something like:

while IFS="," read p n l foo bar e; do 
    sed -e "s/__FULLNAME__:/\ $n $l :/g;s/__Project__/\ $p /g" Reminder.email; 
done < file

The IFS is the Input Field Separator which, when set to , reads comma delimited fields. This lets you take each field and store it in a variable. Note that I used two extra variables foo and bar. This is because each field needs its own variable name and you have 6 fields. If you only give 4 variable names, the 4th ($e) will contain the fields 4 through last.

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Now, there are various other syntax errors in your script. First of all the shebang line is wrong, you need #! /bin/sh, there can't be a blank line between the #! and the /bin/sh. Also, in order to assign the output of a command to a variable, you need to use the var=`command` or, preferably var=$(command) format. Otherwise, the command itself as a string and not its output is assigned to the variable. Finally, print is not what you think it is. You are looking for printf or echo. So, a better way to write your script would be:

#!/bin/sh

date=$(date "+%m/%d/%y")
echo $date

## The following line is to scan a file called Event-member.data 
## and return any lines with todays date and save them to a file 
## called sendtoday.txt
grep -n $(date +"%m,%d") Event-member.data > sendtoday.txt

## The following line is to remove the first to characters of the file
## created above sendtoday.txt and output that to a file called
## send.txt. 
## I rewrote this to avoid the useless use of cat.
sed 's/^..//' sendtoday.txt > send.txt


## This is where you use read
while IFS="," read p n l foo bar e; do 
    sed -e "s/__FULLNAME__:/\ $n $l :/g;s/__Project__/\ $p /g" Reminder.email > sendnow.txt
    cat sendnow.txt
    ## This is where you need to add the code that sends the emails. Something
    ## like this:
    sendmail $e < sendnow.txt

done < send.txt

exit 0

########

You have used NR==1 condition NR==1{print $1}. That means it will consider the first line of send.txt. Use NR==2 condition to get for 2nd line and so on. OR use loop to go through all the lines like,

while read line
do
  p=`echo $line | awk -F '.' '{print $1}'`
  n=`echo $line | awk -F '.' '{print $2}'`
  l=`echo $line | awk -F '.' '{print $3}'`
  e=`echo $line | awk -F '.' '{print $1}'`

  sed -e "s/\__FULLNAME\__:/\ $n $l :/g;s/\__Project__/\ $p /g" Reminder.email > sendnow.txt

done<send.txt