I thnk that would work for me - they key element in your suggestion being a populated Nav Panel. With that, I can essentially ignore the FSS entirely and return to resolving bodies by flying around. The godliness of the FSS would therefore be less of a concern, for me.
FWIW, I do appreciate the desire to be able to "turn things off". I'll be putting in a suggestion / request to allow CMDRs much more control over what's displayed on the Augmented Reality glass of our cockpits. I don't want to just turn off the orbit lines, I want to turn off ALL augmented reality. In order for this to work, Frontier would need to display our arrival timer down in the lower-left HUD (why it's not there already is a mystery to me). It's similar to your request, in order to turn off one thing, you need just a bit more information somewhere else.