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There is no way I've heard of to password protect individual levels. You either don't let people edit the file, ie write protect it or you do let them edit it. The lock option is there so if there is a level you don't want people to mess with, the fact that it is locked should communicate that fact to them. But it only works when all are in agreement with honoring this philosophy.
There are ways within a controlled MicroStation V8 workspace to prevent people from changing level table assignments (lock for example) but that requires you to control the workspace and to control the user's requirement to use a particular workspace. From your question I'm guessing that is not going to work here.
My suggestion would be to use either design history or a product like Axiom's DGNCompare to compare design files at different stages of development to see what has been added, deleted or modified since the time you locked the level. It won't prevent others from making changes but it will give you a way to see what's been changed.