I have seen several topics, though old, where people were asking for this option. I hope Rhino team will implement this in v8.
Anyway, here’s the string you need to set as a custom button:
_Select _Pause _NoEcho _SetRedrawOff _SelNone _-SelLayer _Pick _SelPrev _Enter _Isolate _SetRedrawOn
huge credit goes to another user (sorry, can’t remember the name) whose original string I modified to get what I and some of you wanted/needed.