I don't think there is an easy way to hide a shape. I know this has been talked about here before. Removing/re-Adding the shape may be an answer?
Walt Cygan wrote a GIS Exporter for MapPoint that may help you if you want to export/import shape as a solution. download the "MapInfoCreator.cls" and have a look.
http://www.mp2kmag.com/importersub01.asp