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OK... editing my question because here's the thing.
Lock works on grids with text just like I had hoped - the grid stays locked but you can edit the text if it is unlocked.
But I dropped the Signup - a Login object - into a grid and when I lock the grid it won't stay locked. I notice that the login objects all have locks on their icons - I figured this was because their content is not editable. But does this somehow effect how the item lock works....?

Locking objects only makes sense for fixed/absolute layouts. Where the object is always at the same position.
In flexible layouts (with layout grids), the size and position is controlled by the grid. In that case, locking the element would 'scramble' the layout.

OK... I just figured that locking would keep someone from accidentally editing an item, not physically lock its ability to resize dynamically for content.
I was trying to see if I could make some elements - like text - editable for an intern but lock out their ability to mess things up drastically.