We use OneNote as an engineering electronic notebook. We used to use Word but OneNote is far superior.
The one lacking feature is threaded comments that can be inserted anywhere so participants in the notebook can have local discussions pertinent to a particular section, page or even a text box within a page.
Then of course, provide a way to aggregate all comments by section name or tag or similar, in a table. Make comments searchable too.
I believe Evernote has some threaded discussion functionality. Most content management (CMS) platforms have threaded discussion capability but lack the other features of OneNote.
We tried to use Outlook for this purpose but it was too klutzy. Providing this ability by integration with some other MS product like Outlook is probably too complex. A simple built-in functionality is sufficient, though having the ability to receive email or notification whenever a new comment is posted, and other similar features of typical threaded discussion products, including a limited formatting tool bar, is highly desirable. Threaded comments are already a feature in Excel: https://urldefense.com/v3/__https:/support.microsoft.com/en-gb/office/the-difference-between-threaded-comments-and-notes-75a51eec-4092-42ab-abf8-7669077b7be3__;!!KnJ4-rp7!kZoT00jwwBgtCRbpB8OwmujqPJfl2InjkahrAG6FyNODw573cXYeLAML1JWr_AqzeIzF5TfH9rZ_VMzTqp90uRE$
Integration with MathCad would be over the moon, but I can dream, can't I?