Can you cancel games so that if you already have it you can cancel it and it wont show on the downloads. Probably not but it's worth a try. It might be too tricky.
i mean you can still download if you want to. It would just hide the games that you don't want at the time and then you can click on them to download if you want to later on.
That'd require us to keep download information indefinitely. We clean it up regularly so this is not possible.