I mentioned a few days ago that I wanted to release a freeware and here it is.

You can hide, isolate or unisolate selected objects with it.

It is free and without support and released as it is. It is a VBA program that you need to load with VBALOAD and then the form can be showed with VBARUN running IsolateHideObjects.dvb!Start.Isolate.
It can be called by AutoLISP like this:
(vl-vbarun "c:/temp/IsolateHideObjects.dvb!Start.Isolate")

Download here.
(notice the warning in the comments about the risk of saving a drawing without using UnIsolate so make sure to know about potential side effects)

For any questions please keep them as comment in this blog post.