That is a lot of files and directory access control lists that Windows is going to get to touch as you assign permissions. Plan on the hour glass for a long time (at least that is my experience as I have a large archive with about 5,000 base directories and about half as many files).
I believe but am not able to test right now that you need to assign Read and Change as a Share Permission when you set up the share and then assign your user Read (which includes a "file scan" of sorts) Change (which is basically write, modify and create) don't assign Full Control nor add Delete. You may want to look at Special permissions instead of using the ones in the first screen (Read, Change, Write, Execute, etc.).
As you've probably figured out Windows has two sets of permissions: share and NTFS File. Used to be that the share would automatically provide Full Control to Everyone now with Win2k3 and later it appears that Everyone only gets Read and as I recall that will prohibit you from actually doing anything to files/directories within the share, even if you assign NTFS permissions (but again I'm not near a server to test this tonight and it has been a while since I assigned permissions like this).
Hope that helps.
Scott