It is possible... sort of. This is a high-level overview.
- Mount the specific filesystem that you want to access as a ready only mount. You need to use the "-o union" option (more on this later).
- Next you will need either another read-write device, or you will need something like bindFS to map a scratch folder. http://bindfs.org/
- With the second mount point, make sure to mount this at the same location and make sure this read/write and use the "-o union" option again.
the union option allows multiple filesystems to be stacked together, it prefers the top-most mount point and keeps going down to lower filesystems. Here is an article I followed while experimenting with this feature on my own http://aplawrence.com/foo-mac/union-mounts.html
Now for the major problems with this answer. One issue is that you cannot actually modify or delete a file and have that change on the top-most layer, that only makes new, differently named files feasible. The other big issue is that you cannot see the bottom layer in finder! So it's a command-line only solution. Maybe somebody has a more clever way around these issues.