Depends on the stepper motor itself, how your going to use the "result" of your circuit, etc. (Rough numbers follow for explanations) For example if the coil voltage of the motor is 1.2V you wouldn't want a supply voltage of more than 30V.
As to using the mains without isolation it can be done, but you definitely need to know what your doing. Once aspect is where is 0V. Because a main is hardwired back into the facility power, depending on the facility the neutral can be +/- 0V by several volts. So any control signal references must isolate or follow the resultant DC negative.
The other aspect is failure and safety. If the return goes open, your DC negative will then raise to the potential of the rectified DC of the mains.
It's not something I'd do, or recommend doing. Kind of like having a loaded gun in the workshop with the safety off. As long as it stays put there is no harm, but what happens if an earthquake strikes while your in the workshop...........:-)
Phil, Still too many interests, too many projects, and not enough time!!!!!!!!
Vist my websites - http://pminmo.com & http://millpcbs.com