Local policy applies to all accounts equally, provided
that the accounts can read system32\GroupPolicy.
It also applied to existing and accounts defined later.
If you place a Deny of Full for Adminsitrators on this
folder, they will be exempted from application of policy.
They will also be unable to edit the local policy at that
point, so, when it is time to edit policy, remove the Deny
make the changes and the reset the Deny.
In some cases the method outlined in KB 293655 is of use
http://support.microsoft.com/?id=293655
might be preferred, but you would have to redo things when
you decide that you want to change policy settings.