You could always filter all I/O by creating a class to handle the output. Given the class might be used application-wide, a static class might be in order, but you could instantiate the an instance of the class as needed.
In addition to writing something or not to cout or even choosing a different output, based on the argument string, the class might also format the text based on the kind of output chosen.
I looked at ostream and offhand did not see any way you could modify cout directly. You've encountered a need that has come up before, so hopefully someone else reading this may have better ideas on creating the class I suggested.