Custom fields of type "select list" need the ability to hide/show options displayed in the list

Use Case:
Remove or hide a Select List option from being displayed so that it is not selectable by a user when an issue is created. This is in contrast to deleting the option from the Select List.

Business Case:
There is presently no way to prevent an option in a Select List from being selected when an issue is being created other than to delete the option from the Select List.

Yet deleting an option also removes all matching values from existing issues. in many cases this is not desirable and, in fact, results in a loss of important information.

Hiding an option would retain all matching values for existing issues but would not allow it to be selected for new issues. The hidden option could be either grayed out in the list or not displayed in the list.

Example:
In the attached image a Select List is show along with Hide and Show operations. In this example, when creating an issue the user would only see items 1,2,3, & 5. They would not see item 4. Yet item 4 would still be displayed in all previously created issues for which it was selected.