Show/Hide a menu item based on logged in/out status

Would like to suggest the option under Manage Menus to choose whether an item will be displayed when either a user is logged in or logged out.

I like the flexibility of current Hide choices (Never, From All, From CP, From Menu, onInactive) but it would also be nice to choose whether it should be displayed to Logged In Users only, Logged Out Users only, or Both.

For example, I would like to have the Log In|Out button show up in the menu when users are not logged in (guest user), but once they login, I would like the button to be hidden.

EDIT:
Ok, I realized that this can be accomplished by changing the assigned User Roles from Manage Menus then Edit Menu Item. Just remove all the roles except Guest, and now it will be only visible to the Logged Out Guest role.

This blueprint can be considered invalid now.

Thanks