The MSFlexGird can be connected to a database but you're right it would be read only. It cannot update using the Grid. You will have to use some type of textbox to update.
Or purchase an extra control.

I also know that the MSFLexGrid requires the Data control.

I think an array of textboxs isn't bad but that depends on how much data you want you're application to be able to view.

I have some source code to connect the MSFlexGrid with the data control.

Let me know if you need anything.

-Ober