I have made several groups which consist of an object and all of its LODs all in the same location, like this:

What I would like to be able to do is display only the base LOD while I work on moving and rotating these groups around. Is there a way in 3ds Max to "hide" only certain members of a grouped object while being able to move them around, rotating, and scale them all at once?
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Scripting the bounding box toggle would be pretty easy too.
EDIT: Yep, crazy simple: Drag the code from here, into the max toolbar to create a button that toggles the bounding box for whatever is selected.
You could also parent the hidden objects like Neox pointed out, then put them on their own layer and use it to toggle on/off their visibility. If you have a lot of objects I would suggest using Outliner so you can nest the layers in one main hidden layer and control their visibility globally for all the layers or individually for each layer. 3dsmax2015 which ships in a few days, will also have nested folders, but probably wait for SP1, the RC for max is normally pretty buggy at first.