Is there a way to hide files in Vault based on State?
This could be a little dangerous so make certain of what you're doing before doing it!
If you change the files state to Obsolete and remove from Security tab those who you don't want to see the Obsolete files, then log out and log in as one of those users, they won't see the Obsolete files. This also restricts users from being able to place Obsolete items into an assembly when they use the Place From Vault option in Inventor because they can't see them (all they see is Inaccessible).
But remember to leave the Administrator in the security list with at all Permissions set to Allow, otherwise no-one can see the Obsolete files!
Also, if any user has a Role of Administrator they will see the Obsolete files.