The effect of checking a 'read-only' option for the folder setting would be to never attempt to write a lock file to that side of the synchronization as it is pointless on a read-only source. It would also make sense for it to disable synchronization variants that might write to the read-only folder.
I know I could change global settings (as below), but that is not a good solution because it effects both sides of the synchronization.
<LockDirectoriesDuringSync>true</LockDirectoriesDuringSync>
<WarnDirectoryLockFailed>true</WarnDirectoryLockFailed>