I'm using color association to help in identifying a particular buss or stem if mixes become dense, granted, I'm also using two monitors which would make my workflow better than only using one, since I put the console view completely in one monitor with buses. It has really helped to make a template and color it accordingly. I don't always use everything in the template, but it's nice to come to a similar project all ready to go.
I hear you saying that you only want to display said stems. A great idea for those who use one screen and have too much info at once.
Identification seems to be a major problem on larger mixes. I think the same way about tying in soft synths and their respective tracks on the synth view. If we could color those to match it would certainly help, or map some kind of associated "cluster" and then allow it to be brought to the forefront as you say with busses and stems.
Unfortunately I don't see a lot of future support for the VS700 because it was a Roland product and Tascam is now more a part of Cakewalk....I could be wrong though.