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I've been giving this a good amount of thought because its an issue in many low stakes games and in nearly all play-chip ones. Game theory relies on there being consequences to the players actions. To make practice meaningful, just pretend like you are playing against calling stations. Size up your value bets and reduce your bluffing frequencies. You need to make up for the chips you aren't gaining with your bluffs. If you would normally bet 50% pot vs a competent player, increase your size to 75-100% pot vs the calling station. Their ranges are inelastic so take advantage of it.
Also, you may want to reduce your semi-bluffs and see if they let you peel a free card. Many stations are also pretty passive so you can conserve your chips in semi-bluff situations and wait until you make the hand. They will still likely pay you off at the end so use their passivity to your advantage.
@1warlock, I agree completely. This is very common in a lot of low stakes games and the proper way to adjust is basically what you say - cash in on their willingness to donate to you by bluffing a lot less and value betting higher. With bad opponents, you don't have to vary your play as much and can more easily play the cards you have instead of the opponent. If for some reason they pick up onto you (which they probably won't) then you can take advantage of that and bluff them out again.
I have actually been pleasantly surprised with the play on the live games here. Steve and I were both very worried that it would be like a play money game. The overall quality of play is much better than most play money games because well over 3/4 of the players are taking it seriously and trying to get better, which is different from most play money games online where a huge percentage of players are just killing time. Admittedly, there are a lot of really bad players in our live games, but that is typical of most low-stakes games.
@AllenBlay - I also have been surprised at the level of play in the live MTT's here. Sure there are some spewy players but the overall level of competition is far ahead of what you see on play chip sites. Overall I think it is quite good practice and this is why I was interested in having live ring games here as well. Its good to see players who are focusing on the game even though there are no monetary considerations.