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@Herrick G., you should be able to bulk edit security level. If you are unable, have a look at this kb: Unable to Bulk Edit Security Level.
For the bulk edit piece, in case it's not clear how you can achieve that, you can take a look at Editing multiple issues at the same time.
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If there is only one field configuration, and the field isn't hidden, you should be good on this item. The article doesn't mention that you can only select a Security Level in which you yourself are listed; if that is the case, you won't be able to see security levels other than none or the ones you're listed in.
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