... and if so, is there a way to still allow search engines to index content?

 

Thanks!

Yes it would. Bots are not logged in members, therefore are guests. 

It would require some sort of third party customization to identify the search engine and treat them as a different group than a normal guest. 

1 hour ago, LiamH said:

... and if so, is there a way to still allow search engines to index content?

It sounds like a doorway technique, called cloaking. You will be penalized by search engines if you try it.

Thanks everyone!