The overwrite settings are a function of the media set, which pertain to the tape itself. You are seeing this because every time a new job appends the tape, the timestamp is reset so the overwrite protection will never run out. In addition, even if you eliminate the overwrite protection, it will overwrite the whole tape every time the job is run.
As far as I'm aware, there is no way to apply overwrite protection to specific job sets on a single tape. If your backup jobs are small enough to fit 5 weeks of data on one tape, you may be able to backup to disk and then run duplicate jobs to copy to tape, so you have 1 week of data per tape and 4 weeks on disk. Since Disk backup media size can be adjusted, you can set the size of each to be approximately what 1 week worth of backup is and then apply overwrite protection on each of those. That would be my recommendation if you can spare the disk space for B2D jobs.
Hope that helps!