If you have the paragraphs formatted using styles and the styles are different for the paragraphs you want hidden from those used in the paragraphs you want displayed, you could change the paragraph style definitions to reflect font formatting of hidden text in those you want hidden.

You could easily create macros to change these style definitions back and forth and attach them to keyboard shortcuts.

Also, if the parts to be hidden are at different level numbers, Outline view can hide paragraphs below certain level numbers. Again, this depends on your having set your text up using styles designed for this.