Very interesting construction by Pr. Szwarc indeed, and nice example by José Carlos Santos. This is the only such construction that exists, to my knowledge.
I came here by looking for a counterexample to the absolute summability of a product family in a complete algebra with a non submultiplicative norm.
If you have two absolutely summable sequences $u$ and $v$, you do need a continuous algebraic product for $(u_p v_q)_{p,q\in \mathbb{N}^2}$ to be absolutely summable as well, even in ambient completeness.
You might be interested in the counterexample I came up with, now that the heavy lifting of constructing our wishy-washy algebra has been done by Pr. Szwarc :
First I need to slightly modify the new proposed norm (power of $n$) :
$$\|x\|=\|x\|_1+\sum_{n=1}^\infty n^4\,|x_{2n}|$$
This changes absolutely nothing for the proposed construction, but makes $\|\delta_{2n}\|_2=\|\delta_{2n}\|=1+n^4$.
Now consider the sequence of $\ell^1(\mathbb{N})$ :
$$u := (\delta_1,\delta_3/3^2, \delta_5/5^2, ..) $$
and $v:=u$.
$\|u_n\|_2 = \|\delta_{2n+1}\|_1 / (2n+1)^2 = 1 / (2n+1)^2 $, so $u$ is absolutely summable (and $\|u\|_2$ sums to $\pi^2/8$).
The term of the product family is :
$$u_p \star v_q = \delta_{2p+1} \star \delta_{2q+1} / (2p+1)^2(2q+1)^2 = \delta_{2(p+q+1)} / (2p+1)^2(2q+1)^2$$
If the product family $(u_p \star v_q)_{(p,q) \in \mathbb{N}^2}$ was absolutely summable, so would be the sub-family indexed by $\{(p, p-1), p \in \mathbb{N}^*\}$, but $\|u_p \star v_{p-1}\|_2 = \|\delta_{4p}\|_2 / (2p+1)^2(2p-1)^2 = (1+2^4 p^4)/(4p^2-1)^2$ doesn't go to zero with $p \to \infty$.
I would be very interested in any similar counterexample, but, again, I never saw an other example of a complete algebra with non submultiplicative norm.