All,
Just an update. I have found a quick work around to hide traces with the current set up.
If you create a set of traces and wish to hide them select the trace set in the design study bar and right click -> select edit. Then animate the traces you wish to hide -> hit pause -> hit double back arrows to rewind the animation to the 1st frame. Then close the traces window. If you wish to unhide the traces simply go back to the trace window and hit the double forward arrows to fast forward to the last frame in the animation. Screencast link below.
http://autode.sk/1LbtT6fHope this helps for now. I would still like the regular option to hide the trace sets I create.
Grant Chapman