It would be pointless having a hard drive fixed to Read Only.
I don't think there is a switch setting to set as Read Only.
The original Iomega (early days) removable cartridge drives had a plastic tab on the cartridge to allow it to be write protected (RO).
So perhaps the Iomega Enclosure (Interface electronics inside) is getting out of date.
The oldest part of your drive will be the Enclosure & USB port.
I would suggest you open the enclosure and take out the actual hard drive. Should still be good to use.
Drives are either 2.5" or 3.5" Size Standard.
Eg Pocket drives are 2.5" size, Slower operation as they use 5 volt only. One bump during use can kill them!
3.5" use 5v & 12v & spin much faster (3500 to 7200rpm) for high speed transfer. Eg Movie Streaming / Fast Backups and are more robust.
The internal connector will either be the older IDE / ATA type connector Or
The new universal SATA connector (serial ATA much smaller)
You will need to determine this.....
The most convenient enclosure these days would be a DOCK type that allows you to plug in both 2.5 & 3.5 SATA drives. AND use USB 3 as a faster Future Proof Hard Drive
Then you can plug one in for Movies and another for Music and a third for Backups. Each drive purchased separately.
Eg 3x 1TB should be cheaper than 3 separate enclosed drives.
I'm sure there is a dual DOCK also for the older ATA connector.
But all future Drives will be SATA.
Once you determine what connector your drive uses then you can plug it in to the more modern housing and format the drive for Windows NTFS or FAT32 (Windows & Mac & TV's)
Amazon com ezDISK EZ0330 USB3 0 hard drive docking station support SATA II...
IDE Connector / Adapter
Vantec CB ISATAU2 SATA IDE to USB 2 0 Adapter Supports 2 5 Inch 3 5 Inch 5...
Amazon com SATA PATA IDE Drive to USB 2 0 Adapter Converter Cable for 2 5... Serial ATA Wikipedia the free encyclopedia
Parallel ATA Wikipedia the free encyclopedia
Bare Hard Drives: SATA & IDE
They all work on Windows or Mac (After Formatting)
Search Results for Western Digital hard drives at MacSales com