If you run an ICANN registrar, you should be aware that ICANN requires whois information to be accurate. Providing incorrect data is grounds for cancellation of your domain name. I guess long as you can still be reached from the address it would be fine though?
Personally, I use whois privacy because I don't want my physical address (and identity) to be publicly available. I had one domain that didn't have privacy years ago, and I kept getting snail-mail spam every year asking me to "renew" it, from some registrar I'd never heard of.