No, i wouldn't use the product administration preset.
In reality, the product administration preset is only a preset for the products table to create Insert, update, search, results, and details pages in the admin directory.
you can recreate the same functionality for a listing by creating a table with the needed columns, then running the wizard, on the manage pages tab, select to create all of the needed pages and add the admin/ directory in front of the page names.
to allow the listing owners to update them, add a relation column to the users table. This column should store the ID from the users table for the person who should be able to edit the record.
Using security assist to create the login pages, the users ID will be stored in a session variable.
on the update page, you can edit the recordset to add filter to use the userID column and the ID session variable so that only the listing owner can access it.
