The title "Cannot connect the virtual device sata0:1" looks like has nothing to do with the shared folder problem you have.
Looking at your VM configuration screenshot, you have 2 SATA devices. CD/DVD is set to Autoconnect. Chances are sata0:1 is the virtual CD/DVD. You might have set to this to "Connect on Power On" and there is no CD/DVD drive present in your host computer.
Let resolve the problem of "Cannot connect the virtual device sata0:1" first.
As to the shared settings disabled, I seem to be able to see it disabled when the VM was booting up. Otherwise when it is up and running or shut down, it is editable.