To change the actual text of View, Read, Post etc you would need to edit quite a lot of files, unless you translated the plugin (not necessarily to another language, but to how you want the text to be structured, etc) you should be able to do this though I have never done this myself so you may want to ask on the WP support forums for assistance.
In the premium version of the plugin you will be able to easily edit all the text in one file for those who just want to change the way the text is structured, add/remove any text etc and it will also be easily translated to a different language, too.
There isn't a way to hide forums from certain roles yet, but this has been implemented and made much clearer in the premium version. Once it is released, a free version of it will also be available and replace the current plugin (as an update, no manual tinkering will be required).
I do do custom work, so there's always that possibility. Since I wanted to rewrite the plugin to make it easier to update and add/remove extensions/sub plugins from, I don't want to add any new features to the current plugin. I will try my best to fix any bugs however.
Will mark this as resolved to help keep the support forums clean but you can still reply here if you have any other questions, problems, etc.