Part 1: in my opinion it's possible, but with some limitations:
- If you want to install SmarterMail completely inside a NAS (including the application part and not only the Mail folder store), the NAS itself must act as a virtualization server and SmarterMail must be installed in a VM (the operating system for SmarterMail must be a Windows server or a supported Linux distribution).
This implies that the NAS must have the power needed to handle the virtualization environment (for example, some high-end QNAP NAS or TrueNAS servers are fine, or check other brands...), so in my opinion they will not be so cheap, they could cost as much (and in some cases even more...) than a "normal server"...
- In any case, you still need a firewall. NAS does not exempt you from securing your system...
Gabriele Maoret - Head of SysAdmins and CISO at SERSIS
Currently manages 6 SmarterMail installations (1 in the cloud for SERSIS which provides services to a few hundred third-party email domains + 5 on-premise for customers who prefer to have their mail server in-house)