Jim S, this is my list of feature requests for CS7, and where we discussed a track-based FX switch:
http://forums.adobe.com/message/4392211#4392211
Ae has layer FX switches, and they're very useful.
And grandpooba2, you can see I also would like solo switches on audio tracks.
Solo video tracks would be nice, too, especially when color correcting layered tracks; the scopes reflect the composite, so the only way currently to know you're scoping the intended layer is to turn off all the other tracks.
And here's the link for feature requests. Please add your voice to the chorus:
https://www.adobe.com/cfusion/mmform/index.cfm?name=wishform