I just discovered that Facebook allows you to organise your friends into “Lists”. These include a special list called “Restricted”. People here will still be your friends, but they’ll only be able to see your public posts. Perhaps that’s the kind of thing you’re looking for?
I haven’t tried it yet, though, so I don’t know how that affects your feed. Your profile might still continue to get flooded with their posts. Tell me if it works out!
One feature that Facebook should add is an easier way to control whom to share your posts with. I know it has Lists, but you can only choose one List at a time. By contrast, Google+ lets you mix and match Circles (their version of lists) and People as you please, so you can broadcast to a general audience or just to a few select friends. I can also control how much of each Circle’s posts appear in my main feed.
Zuck, are you listening?