Hello,
No it won't make it through.
Without "login" you do not have any email address ; so you do not send any notification and you do not let the customer perform the download for his order because it won't have any kind of account so any right to see the order details or access to the downloadable and protected files.
As I said, "login" is mandatory and "Guest checkout" is recommended.
Afterwards, if you don't want to follow our advice ; that's up to you !
Jerome - Obsidev.com
HikaMarket & HikaSerial developer / HikaShop core dev team.
Also helping the HikaShop support team when having some time or couldn't sleep.
By the way, do not send me private message, use the "contact us" form instead.