I need a way to selectively hide or allow thumbnails of featured images to appear on the front page of my site. Ideally, it would be a custom field on each post, where I could choose - for example - 1 or 0 to represent appear or remain hidden. Can someone provide the solution? Thank you.
A custom field would certainly do the job. If you wanted a slightly more elegant way of doing it, you could make a meta box (or maybe even hook the featured image box...not sure if that's doable or not off the top of my head) and add a checkbox for 'Display on Frontpage' or something like that.
Once you have that, its just a matter of modifying the loop on your frontpage so that (and this is pseudocode...so don't think it'll work)
and you should be done!