I actually solved this by using the update function in ACF - so I updated all posts to have a custom field value had the very least, thus cutting out the need to query a blank custom field.
$topposts1 = get_posts(array(
'post_type' => 'news',
'posts_per_page' => 100000,
'post_status' => 'publish'));
$featured_count = 0;
foreach ($topposts1 as $post) {
setup_postdata($post);
$field_key = "field_52a1b8b824fff";
$value = "No";
$post_id = $post->ID;
update_field( $field_key, $value, $post_id);
echo $post->post_title;
echo "<br />";
} wp_reset_query();