The selectable objects of a reference selector can control the list items which in turn can change the selectable items from a flow.

The source of the reference selector will be a microflow that retrieves a list of objects X from DB excluding the items that have to be hidden (comes from another list). When the users select something from the drop-down list, an on-change MF can refresh the object and the list view. 

As for the list view, a selection of the list item can again refresh the list used by selectable items MF.  It really depends on what you want to achieve but this could be the way to go.