I have a taxonomy vocabulary with 4 terms. One of the content types has a term reference field to tag a node with a single term from that vocabulary. Now, I want to have Views (3.5) generate a navigation block for me which would list the terms in the following way: skip item 4 and merge item 2 & 3 into a custom item labeled, say "Item 2 & 3", as in:

Item 1
Item 2 & 3  [linked accordingly: taxonomy/term/2+3]

Of course, with eventually 2 items in a block, I could do that statically, I know. However the vocabulary may grow and would like to have a scalable, dynamic solution. Hence my question: is that possible?