customized email alerts for specific items when stock is low

We would love to receive email alerts when specific items reach low inventory or reorder status in the the stock. It would also be nice to be able to select which items you want alerts for and be able to setup a group of email addresses to send the alert too. We order specialized equipment for our clients so we don't need alerts for all of our inventory, only the inventory we need to keep on hand. It would also be good to eliminate the stock items from the dashboard if they are items we do not order on a regular basis.