Yes, what you want to do is what ancestry does.
It does this as follows:
1) Anyone in your file with a death date or death place is shown.
2) Anyone with a birth date over 100 years from now (actually, I think last index) is shown.
3) If you have not entered a birth date or death info, you have the option to mark the person as living or dead in their profile. IF marked living, nothing about that person will be shown.