I understand that the SE's can penalise you if you have something in your title that is not listed on a particular page. Can you get round this by listing the keyword in an <alt> tag?
Penalty or not, titles, headers and description tags are there to reinforce the focus of the page content. It makes no sense putting a alt="Free Casino games" on an educational page (just an example)..
Don´t worry, they will not penalize you. It´s your own thing how you use the title. It can and mustn´t contain the same words as your main text (or whatever)...
Why would you have a title that contains keywords not in your content? Sounds like an attempt to trick visitors and SEs. That's precisely why SE's like to see some correlation between titles, meta tags, H tags, ALT tags, and content. If this technique actually worked with SEs, I would have "Pamela Anderson" in all my page titles.
Well, Google definitely would prefer to see the text in the page related to page title, description and keyword meta tags. If you do not have it then I seriously recommend you to do it. Otherwise your pages will not be given sufficient rank as Google's bot will be confused whether the content is real or you are trying to stuff the keywords and this will eventually lead to boot you out of system