Hi @Anonymous
Interesting question...I don't believe there are any commands available at the command line to control the Display Manager in this way. However if someone wanted to explore the possibility, a .NET plug-in using the Map API could be written to toggle a given layer on/off. This could then be expossed and called from the command line while passing the layer name, if you wanted to look at doing some larger scale macro scripting. This would apply to any FDO layer, not just SDE.
If you need/want more detail the AutoCAD Customization Board may be a great place to ask more about this question. They also have a .NET sub-group. Another fantastic resource for anyone looking at increasing customization skills, there is the Autodesk Developer Network. There are 3 levels of membership, ADN Open, Standard, and Professional. The ADN Open level is free and has many resources to help anyone starting or involved in customization or development.