A simple solution would be to kill the focus, just create your own class:
public class ViewOnlyTextBox : System.Windows.Forms.TextBox {
// constants for the message sending
const int WM_SETFOCUS = 0x0007;
const int WM_KILLFOCUS = 0x0008;
protected override void WndProc(ref Message m) {
if(m.Msg == WM_SETFOCUS) m.Msg = WM_KILLFOCUS;
base.WndProc (ref m);
}
}