IconBoy - I hope you're still around to read this question but your response intrigues me. I just recently started playing with Tasker and i've run into this issue with SMS receiving and sending are going into a loop because of things like the bank or state wide notifications I get. Based on when you originally post your response and based on the newer version(s) of Tasker, does your suggestion still hold true?
Also how would I do it? I've been looking into all the available profile(s) or contexts (not sure which term is correct) but can't figure it out yet. hope you're around to help or if anyone else knows I would greatly appreciate it.
TIA,