I finally managed to create a cycle action that uses custom console commands, but there is some crazy lag in Reaper actually performing the action.
Basically, I've set up a custom console command similar to what's going on here:
http://wiki.cockos.com/wiki/index.ph...on_the_Toolbar
The only difference really is that I created two separate actions. One to show the tracks (in my case it's S*Strings MIDI*), and one to hide the tracks. Then I made a button using the 'Create SWS Cycle Action', where I plugged in the Custom ID's for the two actions.
The thing is..., it works, but only after a good 5 seconds or so. Each time I hit the cycle action I get the old spinning beach ball of doom, and then it eventually completes the action.
I should also probably mention that I'm using the newest release of 64bit beta version for OSX.