I'm going to say that the answer is "no".
I had never even noticed the "Subtotal hidden page items" feature that you mentioned. Reading about it, it sounds like this only applies to OLAP cubes, although it's a little unclear if that was true with Excel 2003. (I'm using Excel 2010, where they've changed the name slightly.) Out of curiosity, does the page field setting work for you, and are you using an OLAP cube?
At any rate, I'm sure the best way to do what you're looking for is the set the row's Hidden
property to true, as you've already indicated.
Not that you asked, but it seems like this design would be confusing to the user.