you describe 2 different record layouts that reside within the same storage 
#1 - just a name
#2 - a name + a "transferred" property

depending on the situation you use either layout #1  or layout #2 for INSERT
reading might be OK for layout #2 in both cases.

Caché once had a somewhat similar sample with Person
and Employee extending Person. 
available here: https://docs.intersystems.com/iris20241/csp/docbook/Doc.View.cls?KEY=ASAMPLES
this Repo:
https://github.com/intersystems/Samples-Data/tree/master/cls/Sample

 Guessing after the rater unclear description you are looking for Implicit Join

->  mimic an arrow in plain ASCII  does that

SELECT MySetting -> Name  from MyObj

It acts as LEFT OUTER JOIN 
https://docs.intersystems.com/iris20241/csp/docbook/Doc.View.cls?KEY=GSQL_implicitjoins   
https://docs.intersystems.com/iris20241/csp/docbook/DocBook.UI.Page.cls?KEY=RSQL_join

  • LOCK would be indeed the best equivalent to Isolation Modes
  • just IRISTEMP doesn't react to COMMIT or ROLLBACK  (there is no related Journal)
  • so instead of writing to your ^EVENT Global you may write to a PPG ^||EVENT acting as your  private temp
  • after Commit or Rollback you decide if you MERGE  ^||EVENT to public ^EVENT or not.
  • from your description, I assume you do it anyhow