No, but you can configure you local workspace to only map to the folders you are interested in. You can also create more that one workspace.
For example:
- Create workspace called "Project A"
- Create a Mapping from
$/TeamProject/Stuff/MoreStuff/ProjectA
toC:\Code\ProjectA
Repeat for other projects you are interested in.
You can now select a workspace to use in Source Control Explorer (and in Pending Changes). When you do a "Get Latest" on your workspace you will only get files you have mapped.