a)Is it possible for an investor to own a token, receive dividends based on ownership of the token without performing a function/service and the token not be considered a security?
b)Is there a way the economics of a token can be structured as a utility token bearing these conditions?
it is possible, economically in risk averse environments you can create your adjustments in a way that u can get a substantial and relatively stable regular yield however he is not high arround 3-6% if you are lucky.
secondary, dividend yield is more complicated term.
a company can reinvest all its earnings instead of paying out dividents, to increase its value, so the stocks rise in value without a single divident paid. Value rise is also a form of divident (wealth increase)
same can be true for coins.
but for this u cant use empty IT system coins, like z-cash dash ripple even btc and ltc cant provide longterm substantial yields, arround 99 % of coins available today dont suit that demand of yours acceptably.
regards