Re: privacy settings
According to jjj, a privacy component is currently being developed and should be released as part of version 1.1. Read John’s post in this thread for more details: https://buddypress.org/forums/topic.php?id=1590#post-8019.
So, what you are asking will be possible in the near future. When will version 1.1 be released? Well, since BuddyPress version 1.0 has not yet even been officially released, I cannot answer that question.