Yeah... I should have mentioned that I'm currently using the DEV Beta.
You can create Folders in the DEV Beta. But other then that, I don't believe there is anyway to Hide icon's in 1.0.8, if you're up to it though, I would suggest the DEV beta as long as your ok with a couple of bugs
I use the all tab like the junk drawer. You can move icons to the other tabs and organize them as you wish. Once in a tab other then all they can be deleted without removing them from the PB.