Sure. Choose your label and mark all the ones you want to hide with that one.
Then choose View>Filtered
You won't hurt your index by messing around with it.
Hide that label.
Then go back in and clear the filtering and they should all show again.
I use labels and filters a lot when I have line limits and am thinking this or that type of entry won't fit.
And if I have too many entries for a line-limited index, then instead of deleting entries, I label them and filter them out until I get the right # of lines.
I don't name my labels since those names are universal and my labeling/filtering is specific to individual indexes.
Deborah