Cool script Arshlevon, but I'm getting strange behavior from the other objects in my scene. Even by selecting objects in in the outliner I can't get these objects to (re)show once they disappear.
Why not select what you want to keep viewing and then go isolate selected? There's no problem in selecting faces and a totally different object in object mode (say your reference plane), and then go isolate selected. Works just fine. Other similar features could be using layers or the hide as people already mentioned.
If what you want is its own object you can use layers or ctrl+h. If it's just faces you want to hide, you will have to split them into their own object to hide or put in a layer. You could assign a transparent shader to faces if you wanted or use the x-ray mode. Other than that I don't know if a way exists. I've never…