When creating a RAF account use your normal e-mail log in. This will give you another account that will be separate your main account. I was testing out a few things and found out that along with sharing your mounts and achievements you can send your BOA gear to the new RAF characters that are on the same server. This will help you level and be able to grand levels faster to your main account. I recommend that if you are planning any heavy bottling DON'T use anything that could link back to you. However its a good option if just wanting a second account to work with.
Not that good of an idea since both accounts will be under the same e-mail address, only one person is responsible from that account. According to Blizzard TOS, you shouldn't share your account information no matter what even with your roommate or w/e. There will be 2 accounts online at the same time, doing different stuff or repeatedly doing the same things again and again. Since only you, sole owner of the account can access to both accounts appealing any bans claiming that you are hacked etc might not work at all. Moreover in the event of such thing, your account will go over excessive investigation. My 2 cents, spend 8k gold buy the guild heirlooms for the second account.