Thanks to all for their comments on this, and please continue if you have more.
I just thought I would inject what my thinking has become on this though. As this is for a specific purpose for a specific client, and as the web space is donated for promotional consideration, and as this host has been compromised in the past, allowing their list program to be hijacked (or via some other means the mail address of the client's site to be hijacked) by at least one spammer*, and as the client really wouldn't want to have its customers suffer loss of privacy, even if this is just a possibility, simply as the result of being a customer, and as doing this would involve at least some 'training' of those within the organization who would use it to prevent them from becoming leaks and just to get them familiar with it - I have decided at this time not to use it in this case.
However, it's nice to know it's about the 'most secure that you can get', and I may use it for less sensitive data in the future.
*This resulted in at least one member of the client organization receiving tons of spam that appeared to come from the client organization's web address, and was eventually resolved by the host. There were others affected outside the client organization, but this may have been using other accounts on the host. This is the only 'breach of the host incident' I am aware of and it was resolved, but I only heard about it because one of the client organization's principals was affected.

