I’ve published my address (but not phone number, that would be insane) since it is available anyway - all business addresses are in an open database for those who know how to look in my country. But many used incomplete addresses and no one was banned for wrong information in that field AFAIK.
Well, I would say it’s an standard procedure so it will be much better if you speak clearly about it but still if you are a little more concern about the privacy and all then like @magneus said its okay to give an incomplete address as no one was banned for that !!
And about the website, does it have to have good content?
No. I believe there was a requirement that it has to have a link to your apps (for paid apps at least, I believe I’ve read it in Google Checkout terms, before Google Wallet came into play), but I doubt Google checks that.
The data collection from google is getting insane. They’ve gone overboard. You can try a P.O. box or the service from UPS if P.O. box isn’t accepted. They general run 40-60 bucks every 3 months.