You'll still be able to login with M+, and no Steam feature will be enabled if you opt for this. No data will be shared either.
As you can play the Steam version without Steam, we dubbed the set of features as "Mirror Lake". You can find it on wiki. Everything under "Mirror Lake" tag is not enabled if you keep using Manaplus, for better or for worse
But everything else remains normal and unaffected.
PS. I believe you'll need the Steam version to register on rEvolt game server.
Steam version / Mana Launcher = an extra software which is actually a hack because legal reasons.
Mirror Lake = features which rely on the Launcher capabilities.
Vault = An account manager which is slightly better than the default one.
rEvolt, Legacy, Moubootaur Legends = Different takes on what TMW should be. Basically, different games.
You don't need the launcher to play either games, unless you want access to features with "Mirror Lake" tag, or is concerned about passwords being sent and stored in plaintext or md5.