Probably not.
You do have the guest user/passwords to manage access to the front end of your site, so this would be only to manage backend access. For that it really is not a good idea to "mask" identities. Besides, if it is just for family and friends that would not be such a long list of users.
You can use User Groups to have uniform priviledges, etc.
Also, if you do want multiple people to use the same user id, the email, etc. really are not relevant, so it would not matter if they got changed. You could, of course, make a plugin that removes these items from the DOM for a particular user if you really want. I have made a plugin that does disable the capability of setting the watermark if the user is not an administrator. I can provide you with this as an example if you want. It is Javascrpt based.