<?xml version="1.0" encoding="utf-8"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml" layout="absolute" 
	xmlns:as="*"
	backgroundGradientAlphas="[1.0, 1.0]" backgroundGradientColors="[#FFFFFF, #FFFFFF]">

	<mx:Script>
		<![CDATA[
			import mx.controls.Alert;

			[Bindable]
			public var testdata:Array = [
				{col1:"Test1", col2:'0'},
				{col1:"Test2", col2:'1'},
				{col1:"Test3", col2:'0'}
			];

			// cleckイベント
			public function clkSelect(e:Event):void {
				Alert.show("TEST!!");
			}
			
		]]>
	</mx:Script>

	<mx:DataGrid x="10" y="10" width="300" height="150"
		id="dg" editable="true" dataProvider="{testdata}">
		<mx:columns>
			<mx:DataGridColumn headerText="列 1" dataField="col1" editable="false"/>
			<mx:DataGridColumn headerText="列 2" dataField="col2" editable="false"/>
			<mx:DataGridColumn headerText="列 3" dataField="col3" 
				editable="true" 
				rendererIsEditor="true"
				editorUsesEnterKey="true">
				<mx:itemRenderer>
					<mx:Component>
						<as:GridButton label="無効" right="0" 
							enabled="{data.col2==0}"
							click="parentDocument.clkSelect(event)"/>
					</mx:Component>
				</mx:itemRenderer>
			</mx:DataGridColumn>
			<mx:DataGridColumn headerText="列 3" dataField="col3" 
				editable="true" 
				rendererIsEditor="true"
				editorUsesEnterKey="true">
				<mx:itemRenderer>
					<mx:Component>
						<as:GridButton label="非表示" right="0" 
							visible="{data.col2==0}"
							enabled="{data.col2==0}"
							click="parentDocument.clkSelect(event)"/>
					</mx:Component>
				</mx:itemRenderer>
			</mx:DataGridColumn>
		</mx:columns>
	</mx:DataGrid>
	
</mx:Application>

package
{
	import flash.events.KeyboardEvent;
	import flash.events.MouseEvent;
	import flash.ui.Keyboard;
	
	import mx.controls.Button;

	public class GridButton extends Button {
		// textプロパティ
		private var _text:String = null;
		private var isKeyDownPhase:Boolean = false;

		/**
		 * コンストラクタ
		 */
		public function GridButton(){
			super();
		}
		
		// textプロパティセッタ
		public function set text(value:String):void {
			_text = value;
		}
		
		// textプロパティゲッタ
		public function get text():String {
			return _text;
		}
		
		/**
		 * keyDownHandler
		 * @param event KeyboardEventオブジェクト
		 */
		override protected function keyDownHandler(event:KeyboardEvent):void {
			if (event.keyCode == Keyboard.ENTER) {
				isKeyDownPhase = true;
			} else {
				super.keyDownHandler(event);
			}
		}

		/**
		 * keyUpHandler
		 * @param event KeyboardEventオブジェクト
		 */
		override protected function keyUpHandler(event:KeyboardEvent):void {
			if (event.keyCode == Keyboard.ENTER && isKeyDownPhase) {
				var mouseEvent:MouseEvent = 
					new MouseEvent(MouseEvent.CLICK, true, false, NaN, NaN, null,
						event.ctrlKey, event.altKey, event.shiftKey, false, 0);
				this.dispatchEvent(mouseEvent);
				isKeyDownPhase = false;
			} else {
				super.keyUpHandler(event);
			}
		}
	}
}

ArgumentError: Undefined state 'NoVisible'.
	at mx.core::UIComponent/getState()
	at mx.core::UIComponent/findCommonBaseState()
・・・

		public override function initialize():void {
			var invisible:State = new State();
			var property0:SetProperty = new SetProperty(this, "visible", false);
			invisible.name = "invisible";
			invisible.overrides.push(property0);
			var visible:State = new State();
			var property1:SetProperty = new SetProperty(this, "visible", true);
			visible.name = "visible";
			visible.overrides.push(property1);
			states.push(visible);
			states.push(invisible);
			super.initialize();
		}

override public function set data( value:Object ):void {
    super.data = value;
    if(data) {
        if(data.col2 == 0) {
            currentState = "visible";
        } else {
            currentState = "invisible";
        }
    }
}

    visible = true;
    enabled = true;

ただ、バインドしているデータを変更してrefresh()でビューに反映したりすると
visibleがtrueに変わってしまいます。

『itemRenderer は再利用されます』

(ちなみにマウスでも当たりません)

package
{
	import flash.events.KeyboardEvent;
	import flash.events.MouseEvent;
	import flash.ui.Keyboard;
	
	import mx.controls.Button;
	import mx.states.State;
	import mx.states.SetProperty;

	public class GridButton extends Button {
		// textプロパティ
		private var _text:String = null;
		private var isKeyDownPhase:Boolean = false;

		/**
		 * コンストラクタ
		 */
		public function GridButton(){
			super();
		}
		
		// textプロパティセッタ
		public function set text(value:String):void {
			_text = value;
		}
		
		// textプロパティゲッタ
		public function get text():String {
			return _text;
		}
		
		public override function initialize():void {
			// stateの生成
			var invisible:State = new State();
			var property0:SetProperty = new SetProperty(this, "visible", false);
			invisible.name = "invisible";
			invisible.overrides.push(property0);
			
			// stateの生成
			var visible:State = new State();
			var property1:SetProperty = new SetProperty(this, "visible", true);
			visible.name = "visible";
			visible.overrides.push(property1);
			
			// 生成したstateをセット
			states.push(visible);
			states.push(invisible);
			super.initialize();
		}
		
		override public function set data( value:Object ) : void
		{
			super.data = value;
			if( data ) {
		        if(data.col2 == 0) {
		            currentState = "visible";
		        } else {
		            currentState = "invisible";
		        }
			}
		}
		
		/**
		 * keyDownHandler
		 * @param event KeyboardEventオブジェクト
		 */
		override protected function keyDownHandler(event:KeyboardEvent):void {
			if (event.keyCode == Keyboard.ENTER) {
				isKeyDownPhase = true;
			} else {
				super.keyDownHandler(event);
			}
		}

		/**
		 * keyUpHandler
		 * @param event KeyboardEventオブジェクト
		 */
		override protected function keyUpHandler(event:KeyboardEvent):void {
			if (event.keyCode == Keyboard.ENTER && isKeyDownPhase) {
				var mouseEvent:MouseEvent = 
					new MouseEvent(MouseEvent.CLICK, true, false, NaN, NaN, null,
						event.ctrlKey, event.altKey, event.shiftKey, false, 0);
				this.dispatchEvent(mouseEvent);
				isKeyDownPhase = false;
			} else {
				super.keyUpHandler(event);
			}
		}
	}
}

<?xml version="1.0" encoding="utf-8"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml" layout="absolute" 
	xmlns:as="*"
	backgroundGradientAlphas="[1.0, 1.0]" backgroundGradientColors="[#FFFFFF, #FFFFFF]">

	<mx:Script>
		<![CDATA[
			import mx.controls.Alert;

			[Bindable]
			public var testdata:Array = [
				{col1:"Test1", col2:'0'},
				{col1:"Test2", col2:'0'},
				{col1:"Test3", col2:'1'},
				{col1:"Test4", col2:'0'},
				{col1:"Test5", col2:'0'},
				{col1:"Test6", col2:'1'},
				{col1:"Test7", col2:'0'},
				{col1:"Test8", col2:'0'},
				{col1:"Test9", col2:'1'},
				{col1:"Test10", col2:'0'},
				{col1:"Test11", col2:'0'},
				{col1:"Test12", col2:'1'},
				{col1:"Test13", col2:'0'}
			];

			// cleckイベント
			public function clkSelect(e:Event):void {
				Alert.show("TEST!!");
			}
			
		]]>
	</mx:Script>

	<mx:AdvancedDataGrid x="10" y="10" width="300" height="600"
		id="dg" 
		editable="true" 
		designViewDataType="flat" 
		displayItemsExpanded="true"
		sortableColumns="false"
		sortExpertMode="true"
		draggableColumns="false"
		resizableColumns="false"
		dataProvider="{testdata}">
		<mx:columns>
			<mx:AdvancedDataGridColumn headerText="列 1" dataField="col1" editable="false"/>
			<mx:AdvancedDataGridColumn headerText="列 2" dataField="col2" editable="false"/>
			<mx:AdvancedDataGridColumn headerText="列 3" dataField="col3" 
				editable="true" 
				rendererIsEditor="true"
				editorUsesEnterKey="true">
				<mx:itemRenderer>
					<mx:Component id="compCol2">
						<as:GridButton label="非表示" right="0" 
							enabled="{data.col2=='0'}"
							click="parentDocument.clkSelect(event)"/>
					</mx:Component>
				</mx:itemRenderer>
			</mx:AdvancedDataGridColumn>
		</mx:columns>
	</mx:AdvancedDataGrid>
	
</mx:Application>

displayItemsExpanded="true"