Hi gbrao,
I fully agree with anshad

ps: @anshad, do you use one of them,
I could not find such switchable ufd around here,
besides I will buy one in future

it is always better to follow experience of friends on such hardwares

In addition:
your ufd should not get virus etc. when you boot SE from ufd ,
you should be carelful about things you doubleclick

Still,
+
about winfe, it is only about a nt6x feature which, nothing specially forensic,
Win..SE\\Finals\"Optimization" ==> There is "Don't mount local harddrives" feature
after that, after booting pe
you can use diskpart command to mount disk readonly .
or
you can use disk diagnostic utilities to check disks ( I feel without mount

)
ps: for such usage, use Build\"CdDrive - X: - Y:" --> Run All from Ram option
+
There is
Gena\Adjunct\"WriteProtectUSB_DaveXP"
plugin available, Better one check with SE to see if it works there

If works, It seems to be the best solution you are looking for
