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We use a lot of helper projects which have different development cycles than the main projects, so they should stay in a released state most of the time, i.e. not have a -SNAPSHOT version. Released projects should not be modifiable. Hence it would be good to have m2e enforce that non-SNAPSHOT projects cannot be modified, e.g. by telling Eclipse that all files in that project are read/only. Changing the version (and rereading the configuration from pom.xml) should reset this flag.
m2e dynamic sourcelookup extension https://github.com/ifedorenko/com.ifedorenko.m2e.sourcelookup (also available from eclipse marketplace) supports notion of 'maven binary projects', which I believe is what you want. There are no immediate plans to bring this functionality to m2e core however.
Moved to https://github.com/eclipse-m2e/m2e-core/issues/