Hi All:
Here's my three cents...
I don't think that it is necessary to have a special email address as a PBEM host. I am currently hosting 2 PBEM games and have played several 1x1 or 1x1x1 PBEM games. On the other hand, a special email address wouldn't hurt.
It's usually helpful to have a keyword in the subject line of emails (e.g, "Noob," "RAND", etc.) Then you can use an email filter to collect all email correspondence to a designated folder for easy retrieval and record keeping. This is helpful for the host and for player diplomacy.
I have a Mac and use the automator function to quickly create the various emails with addresses and attachments after I have hosted a turn. I am sure there is a similar thing available for Windows.
Finally, it's important to make regular backups on an external hard drive or something just in case. I actually create an archive of each turn in case players wish to peek after the game is done. A master password for the host is helpful for that.
In the long run, I actually prefer PBEM over a server. Servers are a bit of a pain to connect to. PBEM simply requires saving the various files to the correct folder, which is very easy.
Just my thoughts... Have fun!
Pasha