Hi Jak,
Even though the feature you mention can come handy in such situation, I don't think it will have much usage, yet settings and a set up wise it can be complicated. In fact, you can do this with object properties (Visible to reflections/refractions checkbox) for specific object but not for specific object to be affected only for another object(s).
What you are looking for is a simple compositing case, which can be done by two layer rendering of with and without the object you need the reflections cut off from, or with masking techniques or with case specific workaround in the scene.
You can actually override this by the CoronaRayswitch material (using 0 opacity material for reflected rays)- altering the reflected rays but this will be done for everything, every object being reflected on the object with Rayswitch material. Per material per object material channel overrides, I think, will bring bunch of settings and mostly confusion in the set up and I genuinely believe artistic skills are meant for such cases to find a suitable workaround in the scene.
Regards,
Aram