you can schedule Monthly Backups with the Regular Scheduler and you can even modify the Protection for these Jobs.
What you cannot do is modifiying the Pool, which I would suggest for permanent protected Jobs (separate Pool, nonAppendable).
The Problem is you cannot say that the daily Job will be skipped when the montly Job is running. With both the classic and Advanced Scheduler both Jobs would be started.
To avoid this you would need to manually delete all duplicate Schedules which is quite a pain.
We struggled with the same issue and ended up creating an own Scheduler that covers those requirements.