As such, the spammer would only have to store each unique message and the list of recipients associated with each unique message.
1. Sender canot simply mass-cram messages to recipients, as many spam engines today do. (Qmail for a time was notorious for doing this).
2. There's good chance that any bulk spammer will accrue a negative reputation by the time most recipients bother to request messages. So they won't.
3. Spammer must sustain a stable online presence --- not be knocked offline or blocked by ISP or hosting provider.
4. Spammer has to track successful deliveries vs. messages that are complete.
Upshot: the spammer's workfactor increases.
If you want to send me an email, you have to send me an SMTPCoin. If my user doesn't mark it as spam, I give you the coin back. If my user marks it as spam, I keep the coin.