Possible? I suspect so.
Easy? Maybe not.
The checkboxes would be comment controls and formatted as hidden text under the font menu, probably best done using a paragraph style.
The other text, that you want to hide, should also be formatted using a separate paragraph style.
See Greg Maxey's work on On-Exit macros for content controls. Note that checking the box is Not an exit.

Content Control Custom Events by Greg Maxey

I would have this in a template and rather than hiding text, delete the rows in documents created from the template.

Templates in Microsoft Word