Well there is sharing to a Project. And then there is checking out to a project. Maybe that is what you are looking for?
I think you're right, a share is just visible in the project and you really can't do much with it. However, if you convert it from a share to a project check out, then the project becomes the owner of any changes that are made to the object. PDMLink will not see any modifications until a "Send to PDM" command is performed on the project checked out object(s).
There is a full audit trail built into that project check out process as well. At least good enough for us anyway, depending on the regulations in your industry it may or may not be good enough...
Note that this project check out is completely different from checking something out in a workspace with Creo. I really wish there was a different term for it, because it can be quite confusing....
