What exactly do I need to do this...

I have a site which I am working on configured as a WP 3.1 multi site (sub dir) with buddypress included.

I would like to have (unregistered) visitors be able to view pretty much all content published.
Allow visitors to create an account within buddypress (free)
Allow only registered users to sign up/create a blog (free)

Once they've signed up, for the blog I want to be able to remove the majority of the admin menu's with a few exceptions, examples below...

-Dashboard (available)
-Posts (hidden/inaccessible)
-Media (available)
-Links (available)
-Pages (hidden/inaccessible)
-Comments (hidden/inaccessible)
-Appearance (hidden/inaccessible)
-Plugins (hidden/inaccessible)
-Users (hidden/inaccessible)
-Tools (hidden/inaccessible)
-Settings (hidden/inaccessible)
-My Created Post Types/Taxonomies (available)

As you can see, I basically want to strip down the admin area for each and every user created blog. I've already installed Membership Premium. But I am running into some difficulty/confusion while trying to configure it.

First of all I don't actually want to charge a fee for this, is Membership Premium the right tool for this job?