Topic: How are you using Basecamp? / Basecamp for Student Law Journals

I am the incoming managing editor of a law journal and was wondering if Basecamp would be a good product for my school.
Our use case is as follows:
we have multiple journals made up of multiple editorial teams. I would want to limit access to certain projects to certain teams and journals.
I want to keep track of the progress of the work of each editorial team as they complete their work and maintain versions of each document but I dont want peopel from the other journals or other teams to access the content created by that editorial team.

Is it possible to do this with Basecamp? Do i need more than one license? Do I have read write controls within a team?