You can try the following Ben - this is how I start out with a CAD file that I have never seen before
a) Run Layer Manager and Delete all Empty Layers to reduce the layer list to just those that have data on them. Typically all my preset Project Template Layers except maybe 0 and Points are in Layer Groups - so only Imported Layers are in the No Layer Group section.
1) Hit Isolate Button and typically the zoom extents sticky button in VFM
2) Select the first Layer in the list in VFM - it is isolated and zoomed extents. At this point I take a look at what is on that layer and whether or not it is important to me - if not important I turn it off - at least as a first pass using the space bar to toggle On / Off. If I know I dont need the data I will delete it (title Boxes etc.)
3) Use the down arrow to go to next layer and repeat (2) - keep doing for all layers
4) When I have reviewed all the layers - I un Isolate and then the Visible Layers are the data that I think is going to be useful for me. The data that is hidden will be the data that I likely dont need or dont know what it s at this point.
5) Run Layer Manager again and delete any new Empty Layers where I deleted all the data from them in the steps above.
5) in VFM I can right click and Invert - this shows me all the layers that I turned Off - I review what is there and turn back on layers that now look as though they may have data that I need. When done - I Invert again.
Now is something that I wish I could do quickly and easily - I want to now move the Visible CAD Layers into a new group called "Working CAD Layers" as these I want separated from the layers I dont think I need but want to keep just in case - I will leave the Off Layers in the base layer group
Now I will Standardize the other Layers into my standard layers (map the CAD Buildings Layer to my Buildings Layer etc to get the CAD Data onto my Layers so I know what I am doing going forwards.
Once standardized - I will then typically nae the linework that I am using to the Layer Name using the Name from Layer TML - that way when I click on a line I can see what it is and that name will carry to the field also.
Maybe these tips will help
My point on the Defied Views was to cover your point about having to turn things back on after you used View only Selected Layers - if you capture the View prior to View only selected - one click gets you back t where you were - it acts like Isolate / unisolate but for any setup that you want and you can have as many Defined Views as you want and you can create a new view and name it in a couple of clicks (and it gives you a preview image also.
Alan