I think it should work fine if you set up right:
1. First create a security group called Master Project Rights and in that security group, give each feature READ ONLY. To do that, click Setup / Security / Security Groups / Add Now. Once it is created, click on Privs and click the READ ONLY flag for every line.
2. Second, click Setup / Projects (Open and Create) / Choose the Master Project / Click Privs
3. Give everyone EXCEPT YOURSELF the new rights called Master Project Rights. You should keep the Security Admin Rights to this project, otherwise no one else would be able to secure it later.
4. Now log in as another user that has Master Project Rights to the Master Project (read only) and go into a project they do have Admin Rights to. Then click Setup / Projects (Open and Create) / Add New.
5. Choose to clone from Master Project and choose all members, press SUBMIT
6. Once the new project is created, log into that project, notice that all is good.
