@Biju
Part 1- I don't think you got my point correctly, I don't want to change anything with the posting whatsoever - but rather change the EDIT permissions to VIEW.
Part 2 - I am trying to do the same - but somehow I am unable to. As soon as I make my changes in the Group level permissions in the form, save and close it. And then when i re-open all the changes are gone.
But thanks for the help though - I will let you know if I can figure something out.