I don't generally do this but will work with you on it.

I assume that your outline is set up using multilevel list numbering attached to your heading styles following the directions in How to create numbered headings or outline numbering in Word 2007 and Word 2010.

You certainly could change the style definitions for printing purposes so that certain levels were formatted as hidden text. I use the navigation pane to collapse headings in that pane and maneuver around a document.