I need to create an inline formset which
a) excludes some fields from MyModel
being displayed altogether
b) displays some some fields MyMode
Is this a formset for use in the admin? If so, just set "exclude = ['field1', 'field2']" on your InlineModelAdmin to exclude fields. To show some fields values uneditable, you'll have to create a simple custom widget whose render() method just returns the value, and then override the formfield_for_dbfield() method to assign your widget to the proper fields.
If this is not for the admin, but a formset for use elsewhere, then you should make the above customizations (exclude attribute in the Meta inner class, widget override in __init__ method) in a ModelForm subclass which you pass to the formset constructor. (If you're using Django 1.2 or later, you can just use readonly_fields instead).
I can update with code examples if you clarify which situation you're in (admin or not).