I havent used TD before, but i want to have it installed. I want the defect reports to be stored in a way that all the testers and developers assigned to that project can view it and make changes. Can TD come in use for me for above mentioned purpose ? or then is there any other tool that i should look for.
Define user groups for the different roles and set permissions to restrict or allow actions as needed.
Suggest that you first document your organization's defect lifecycle on paper and get agreement, then implement the process in LR.