Unfortunately, your requirements are mutually exclusive with Word.

A workaround would be to keep the editable text bookmarked in a separate, unprotected document, which your 'form' document can reference via INCLUDETEXT fields. Provided you leave the INCLUDETEXT fields unprotected and the edits are only made within the bookmarked ranges in the unprotected document, you can use Track Changes & Comments there and have them replicated in the 'form' document. All the users will need do to see the changes is click in the unprotected INCLUDETEXT fields and press F9.

__________________
Cheers,
Paul Edstein
[Fmr MS MVP - Word]