Can Solidworks allow a read only part to be edited in the context of an assembly and then require a 'Save As' when trying to save?

I get the following error when right clicking and selecting 'Edit Part' in an assembly: http://i.imgur.com/2O7RUjm.png

It is a lot less convenient having to 'Save As' to my local hard drive then replace the component in the assembly every time I want to edit.  Parts are stored as read only as part of our PDM system for storing 3D parts for use with Solidworks Electrical.