I just tried seeing if there was a way I could create a Windows 10 user account with one e-mail address linked to a Microsoft Account with another and had no luck. I created an entirely local account, then in Account settings clicked on "Use a Microsoft Account instead." When you get walked through this process you have to give the e-mail address associated with the Microsoft Account you wish to link to [and that does not already exist on that machine as a user account login], are asked to enter your current Windows account password, and then it tells you that you will have to log in using the Microsoft Account password in the future and actually changes the user account to match that e-mail address, effectively "erasing" the local user name you had created.
Now, after this you can change your Windows 10 account password, your Microsoft Account password, or both. Since the password for the Windows 10 account is actually stored locally I do not believe that you need do anything further if you change it. I know when I changed my Microsoft Account password I then had to reverify the link to it in my Windows 10 Account, which is pretty much entering the actual Microsoft Password that you've just changed it to so that the link can be reestablished. Doing the verify process does not change the Windows 10 account password.
The way userids and passwords work on Windows 10 and their relationship (or the lack thereof) to a Microsoft Account is byzantine, to say the least.
Part of what you asked was, "I would use the same email account as the Microsoft Account but provide a different password for the Windows Account," and you can definitely do that. This is precisely how my Windows 10 and Microsoft Accounts, respectively, are set up. Both share the same e-mail address but each has its own password. I had to go through the verification process again on my Windows 10 account after I changed the password on the Microsoft Account to reestablish the link between the two.
Edited by britechguy, 25 June 2017 - 01:46 PM.
Brian AKA Bri the Tech Guy (website in my user profile) - Windows 10 Home, 64-Bit, Version 1809, Build 17763
Presenting the willfully ignorant with facts is the very definition of casting pearls before swine.
~ Brian Vogel