I've used this option ("conditional hide column option in Presentation tab of Chart Properties", except in Pivot Tables were the option is not available but one can move and hide columns instead) in QV 11. Useful in presenting extra fields for particular selections within the cycle group. How ever I've never used an 'if' statement just:
GetCurrentField([Name of the cyclic group] ) ='Name of the field within the cyclic group'
The conditional statement acts like an if statement and I vaguely recall once having problem using the if statement in such a conditional field within the Chart Properties - can't remember the details pertaining to that particular situation though so I stand corrected.