AND! Best of all! I CAN COMBINE BOTH APPROACHES!
I can have an algernon account, an algernon-archive account share the same key, because they both belong to me. I can also have mom with her key.
Oooh... I wonder if this would work: what if I wanted a kind-of-shared account? Like, lets say there's a shared@family.tld email address. I want both my wife and I to see it, but I don't want us to share passwords, nor do I wish to deliver mail to our inboxes and have two copies.
To support this, my theory is that I can set up a single bucket, call it "shared". I can have two keys, wife's and mine, which has access to the bucket, and see it under the "mailbox" name. I can then have two users in Aerogramme, with their different usernames (shared-wife, shared-husband), different passwords, accessing the same mailbox.
Hm. Except... nah, that wouldn't work, because data is encrypted with the user's password. And if our passwords are different, then we're fucked.