There is a way to have conditional components on dashboards using the "depends" input attribute. A good start would be to look at the "depends" options on this page: http://docs.splunk.com/Documentation/Splunk/latest/Viz/PanelreferenceforSimplifiedXML.
When you define the tokens you can set/unset additional tokens based on your input values. it might look something like this:
<input (your input settings)>
<change>
<condition match=($token1$==4 AND $token2$==S)>
<set token="query1"></set>
<unset token="query2"></unset>
</condition>
<condition match=($token1$!=4 AND $token2$!=S)>
<set token="query2"></set>
<unset token="query1"></unset>
</condition>
</change>
</input>
You would then use depends for the two searches to either hide or display them. This would be something like:
<panel depends="$query1$">
<title>Query 1</title>
<search><query>Your Query1</query></search>
</panel>
<panel depends="$query2$">
<title>Query 2</title>
<search><query>Your Query2</query></search>
</panel>
There may be some slight adjustments in the syntax needed and your panels will need viz options. Hopefully this gets you set on the right direction. Depending on how you set your tokens (might not be an input) there will be some adjustments needed.
