Given a partition intended solely for storing music, video and so-on, is it possible to hide the lost+found directory?
Create a subdirectory in that filesystem and share/symlink that instead of the filesystem root directory.
It's a bad idea to remove the lost+found directory. When recovering, fsck needs an existing multi-sector directory in which to create directory entries for lost files. If there is no lost+found directory, then it has to create one, potentially overwriting data.
$ ls --ignore=lost+found
So make that an alias
$ alias ls='ls --ignore=lost+found'
With the updated ls that is part of GNU coreutils 8.15
Lost+Found is where FSCK is going to deposit bits of files that it was able to recover if your file system is damaged. If the directory is currently empty, you are safe to just delete it.
FSCK (I believe) will re-create it if it has anything that needs to be put there.
Not sure why the presence of that directory is problematic for you, though?