The process I explained does indeed work: (1) select the parent (in the outliner, for example, and unless modified in the selection preferences and attributes for the transform nodes of the children, the parent and it's children will be highlighted in the viewport, (2) ctrl+1 will isolate the parent and the children in the viewport with all of them highlighed in the viewport, (3) now hit the down arrow and only the parent will be highlighted in the viewport, (4) "hide unselected" will indeed remove the children from the viewport, leaving only the parent. This is exactly what I want, just seems like a lot of steps to get there.
Your idea of using layers occurred to me, but that would involve haveing to be setup a separate layer specifically for the children of each parent...
Still seems to me that there should be a way to do this with fewer steps than the method I stumbled upon using your idea of arrows to move down the hierarchy.