fsutil behavior set disablelastaccess 1
But be careful, some program (especially backup programs) might need this.
There is no analog to a "noexec" mount for filesystems in Windows. Microsoft's conception of the simple "Read" permission includes the right to execute (since execution really is just the loader reading the image into memory).
You can modify the "Advanced" version of the permission to remove (or deny) "Traverse Folder / Execute File" permission. This will prevent double-click or command-line execution of .EXE files. .BAT and .CMD files will not execute from a double-click in Explorer, but they will still execute from a command prompt or using the syntax "CMD /c " from Start / Run.
Changing the permission breaks the "analogy" of a "noexec" mount since "noexec" doesn't require any modifications to the permissions of the mounted volume.
You'd be better off looking at Software Restriction Policies as a way to accomplish what you're looking for. This facility changes the behaviour of the API used to execute programs to restrict the paths (or by digital signature or cryptographic hash) from which programs can be executed. Assuming your local users do not have "Administrator" rights, this functionality would be effective, to some extent.
Ultimately, though, if there's any filesystem location on the computer where the user is permitted to both write files and execute, the user could copy programs from the restricted-execution paths to this location and execute the program from there. You would need to be very diligent to insure that there are no such locations.
Alternatively, Software Restriction Policies can be used in a "default deny" mode, wherein only specified paths (or digital signatures or cryptographic hashes) will allow execution. This is also fairly difficult to setup, since you need to test all your applications to be sure that their execution is successful.
You don't mention what version of Windows you're talking about. For Windows 7 and Windows Server 2008 R2, Software Restriction Policies is part of AppLocker and the functionality is similar.
Best Answer
To me it sounds like a Windows bug. There are a few things that you can do one place but not others, and in my experience a few more of those crept in with 2008 R2. You may have found another one. The fact that an NTFS partition could be put on there at all, especially in diskmgmt, suggests that there is no problem with it. That MMC is as close to the One True Disk GUI for Windows as Windows gets, so that option not being available in the Exlorer Format menu is not a red flag for me.