[Micah Brown]

Found a work around to this issue:

First Select All of the clips in your timeline (Cmd+A)
then open the Inspector window (CMD+4)
Under the ‘Info’ tab there is a user definable field labled ‘Camera Name’
In this field name your camera ‘Used Clips’ or ‘Used’ or ‘Used Footage’ whatever helps you
Go to your footage bin in the top right corner click on the Magnifying Glass, this will bring up the Filter Dialog box
Uncheck the Default ‘Text’ Filter
Next Click on the ‘+’ icon to add a filter
In the dropdown menu select ‘Format Info’
Click the first dropdown menu and select ‘Camera Name’ then either ‘includes’ or ‘does not include’ depending on whether you want to hide or show your used media
Finally, fill in the user definable field with the Camera Name you defined earlier in the Inspector (used, used clips, used footage, etc.)

and bam you either see or hide you used clips in the bin and can now work with just those clips or all but those clips.