Hi Bob, We've never gone this route for a number of reasons (at least yet), so I have no experience in doing this myself, but just to add to this discussion a space can be set permission-wise to allow for anonymous users to access it, which some org's use for external-facing sites. In other words, no logging in is required, therefore no email address. Perhaps this possibility was already dismiissed but wanted to share it with others who may be reading your question.
Like Nic said, they would not receive notifications and such, so there would be a loss of those users being able to use some collaborative features..
Here's an Atlassian blog post from a few years ago explaining some nuances of anonymous access:
Hi team, I’m Avinoam, a product manager on Confluence Cloud, and today I’m really excited to let the Community know that all customers can now try out the new editing experience and see some of the ...
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