Yes, right now the "view-only" link becomes a collaborative album through a boolean set in the database. I'd be happy to create a separate url if you think that would make it more obvious.
It could be something as simple as selecting "Yes" generates an edit var with the associated link. If someone pastes the edit URL into their browser and the edit var = the album id, allow edit. Else force view only.
Edit* This is just an opinion and what logically makes sense to me. Would love to hear what others think.
I'd certainly consider tweaking it, though, to make it possible to share a view-only and collaborative album simultaneously.