Protected Content: Restrict bbpress posting

Hi there,
Please help me set up my site with PC and bbpress as such:

Guests can read all bbpress forums
All new users automatically join 'basic' level which is essentially the same as guests
Admin approves users to 'approved' level which allows them to post to bbpress forums. Users don't pay for this, can't apply for it, only admins can change user membership to 'approved'

Can I do the above with PC?