Think of D2L as a large database with many connections. Although connected, each area is separate from other areas. While you can link to a specific area such as the Dropbox, Discussions, Quizzes and Checklist area, the restrictions placed on in the Content area only pertain to the link itself.
Instructors will want to check to make sure the proper restrictions have been placed in other areas as well. We recommend creating the Dropbox or Quiz first and then creating the link in the Content area, if desired.