Yes, it is possible to keep posts and comments from specific blogs from being posted across the network. The idea is to intercept the bp_blogs_record_post() and bp_blogs_record_comment() functions, and unhook them when necessary.
Say, for example, you don’t want any items from blogs 4, 6, or 10 to appear in the stream. Do this:
function bbg_limited_blog_activity() {
global $wpdb;
$blacklist = array( 4, 6, 10 );
if ( in_array( $wpdb->blogid, $blacklist ) ) {
remove_action( 'save_post', 'bp_blogs_record_post', 10, 2 );
}
}
add_action( 'save_post', 'bbg_limited_blog_activity', 5 );
Similarly for bp_blogs_record_comment(), which is hooked to comment_post and edit_comment.
For a whitelist, just switch the in_array logic around.