I'd probably try to use the Alert/Filter Rules (in Trap Viewer: View > Alert/Filter Rules ...) to accomplish this.
You can setup rules to filter the incoming traps (based on contents, source etc.) and so can e.g. dump the ones you don't care about or have an email send to you if some specific trap arrives etc.
Thanks for the advice and sorry for taking so long to respond.
My biggest issue is about creating those filters. Are you really starting from trap analysis to then imagine what you could potentially do as an alert or information e-mail with them ? Monitoring tools like HPsim already have the capability of "translating" traps into e-mails that would summarize events.
One example : I'd like to send an e-mail when a fan or power supply failed on my Cisco 4500s. How would you accomplish this ? Drill into Cisco's MIB, create a filter and make one fail to test ?