Thank you for the info...
The first link is interesting... I like to see how the IIS PG spent time making it easier to manage Anonymous and AppPool identities. The second link was borderline rubbish. It's an interesting idea to use FBA to secure your wp-admin folder but the way this article describes the process there are serious holes and risks.
My issue is I would like to limit access to the most bare necessity but can't seem to find good documentation about what rights are needed. When you look at the Wordpress documentation it only references permissions for *nix environments and there are significant differences between the way Apache and IIS operate...