This is a common gray area a lot of people are looking for solution. You may not want someone specific to read you Google Chat status, as the status is personal to you. The answer to this is simply NO. There is not such feature in Google chat that allows you to showcase your status message only to a selected few recipients (may be something Google might want to look into ;)).
The simplest way you can keep a contact from reading your status message is by deleting the contact from your list. Now that’s not really a reliable way to avoid something from happening. But since, this doesn’t seem to be a normal use case G has kept itself away from it.
Now assuming that you deleted the contact from your list, but the contact has not deleted you from their list, then you still will be on his contact. He’ll not be able to chat with with, nor see your status message because you would have deleted him from your account.
Now if you are wondering whether he can send emails to you, then the answer is yes, unless you set up a filter which forwards his emails to the thrash bin ! I’ll write how to achieve this one soon !
Related read: How to block a contact from gtalk.