Obviously feasability has to be realistic.
You have the My Programs, how about another box at the same context level, below it with archive and in an ideal world you can drag the no longer required or being developed program into this section.
Or probably easier to implement right click and Move to Archive option.
Would be nice to have multiple workspaces, but at least being able to move unused programs out of the way would be useful.
I suggested many moons ago the possibility of folders, as a short term solution, could it be possible to add an Archive?