I really like using the 'limit to my watchlist' function on categories, and so I would really like this to be a possibility, but I'm not aware that it is.
It's great to be able to see, for example, everyone on your watch list buried in a certain cemetery.
I've actually lately been sending out lots of trusted list requests to try to get all my blood-connected relatives onto my watchlist. It's probably annoying for all the Profile Managers out there!