>Is it possible to enable multiple check-outs (I know you can do this either at the Visual SourceSafe or individual project level) but then control WHICH files within a project CAN BE multi-checked out? Basically I want to (have to?) allow this for the PJM, but would prefer not to allow this for any other file (or is there a need to?).
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>Thanks!

Nope, it's all or nothing. But what you can do is enable, check out or have another user Join Source control, and then turn it off.