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Why not separate your projects into two or more folders, then focus on the folder of interest? You don't see any actions from the other folders, and you aren't adding changes to the database transaction history when you switch back and forth. You can also have a window that is showing your work tasks and a window showing other tasks simultaneously. Sweeping changes of the database state just doesn't seem like the best way to go...

If you really want to automate the switching based on time, you could set up a couple of scripts that will focus on the desired folder(s), then run them as alert actions from iCal.