This is really a combo discussion/question; since there may be a better way to do this that I'm unaware of  (if anyone else knows of a faster way, please share).

In tooling designs, designers frequently need to show the product (or some other item of reference) as it is being used with the tooling.  To clarify this on the print, I usually move such items onto a phantom layer with a different color.  In cases where the reference/part item is a fairly complex bit of geometry, it instantly de-clutters what you're looking at.

While SW will allow you to view through a phantom object, I want a way to view through such objects on an assembly drawing without the byproduct of the 'hidden lines visible' setting; since this isn't typically how you show phantom stuff on a drawing.  Switching it to hidden lines visible actually gives you dashed lines of anything behind the phantom object as well as the phantom objects hidden lines - which can be messy.  I want to show simple boundaries of a phantom object and actually view through it without impacting the line styles of all objects behind it. 

An example of the way I get around this now... say I have a couple of lagged down plates locating a pallet of some sort:
 

This is a simple assembly.  I could show everything in my iso view, except I don't want the hidden lines on the reference pallet (I realize it wouldn't clutter that much in this case; but for the sake of my point, imagine this is a much busier piece of reference geometry).  I want to view through the reference geometry and simply show everything behind it, while retaining a basic outside hidden lines removed view of the reference pallet. 

The way I do this right now is...

A. set the component to a phantom layer (as I show in the above pic).

B. Copy the view off to the right.

C. convert the view to a sketch.

D. Delete the stuff in the sketch that isn't on my phantom layer.

E. Block the sketch of the phantom item, picking a reference corner somewhere.

F. Mark the reference corner of the item in the main view I want to keep.

G. Hide the phantom item in the view I want to keep.

H. insert the block of the phantom sketch into the view I want to keep, snapping it to the reference point (depending on what layer is active, I may also have to set the block to the correct phantom layer).

In the end I accomplish what I'm going for, which is this:


Its not that impressive here I realize, but when you have a much more complicated product and/or much busier tooling you're trying to show, it can be a very useful way to avoid the hassle of creating more drawing views. 

All this said, I wish there were a simpler way to do this.  If not a view setting for the component itself, then maybe at least a way to convert just the item to a sketch in it's resting place in the view.