I have a portal with about 30 child portals attached, and they are all independent sites, with their own domains. The email is set via the host and the most practical way I've done this and I believe other hsoting companies would work along the same lines, is to use the localhost/IP structure.
I use IP based relaying since we have a separte linux box setup and it handles the rules - including only accepting email in a certain format.
What this means is my clients can get get people to register on their site, and the mail is delivered with their own email address in the settings, but from my mail server.
By chance, most of these clients are hosted with me managing their mail, but, that shouldn't matter - the are using my mail settings, not theirs in the host account anyway.
Does this give you any clarity?
Nina Meiers
Nina Meiers My Little Website
If it's on DNN, I fix, build, deploy, support,skin, host, design, consult, implement, integrate and done since 2003.
Who am I? Just a city chic, having a crack at organic berry farming.. and creating awesome websites.