It is possible to do something along these lines with a product called OutlookFolders at
http//www.outlookfolders.biz/English.htm
Have used it under Win2K/OL2K for a couple of years, both with server and peer-to-peer modes.
This will allow you share the PST, but emails will still be local (but can be moved to shared PST), and shared PST can have shared Acitivities (Journal entries etc).