Have you looked into the outlining feature of TestComplete? You can mark blocks an "outline" them which allows you to collapse anything you want.
Essentially, automatic outlining recognizes only certain keywords for adding a block to outlining. However, you can manually outline any selection you want. Just highlight the selection, right click, select "Outlining - Hide Selection" and it will collapse whatever you have selected.
Yes I have looked at this feature. However it doesn't support both, automatic and manual. It is also irritating to perform this action every time. When we have over 100 scripts lengthening out to me 200-300 lines long. Manually operations is a pain when almost every other IDE out there supports this.