I'm going to say I dislike this idea.
Why encourage anti-social mechanics in a game where we want to encourage social behaviours?
Adding such block features just brings us closer to the cess pits like Call of Duty...
This is least anti-social than blocking everyone equally in the lobby, because they give you a hard time concentrating, or making it impossible to communicate with your crew, because even if you blocked the yellers, new players might not know how to do that - been there, seen that.
I'd rather put "mute everyone in the lobby except for people from your ship, and other captains if you are a captain.
And it would last only for the duration of sitting in the lobby.
Because it's really damn distracting when people are talking while you try to give some orders/teach people how to do stuff.