myView.setVisibility(View.INVISIBLE); // or
You're on the right track thinking about the impact on measuring. Which one is more efficient all depends on how frequently you are changing the view's visibility.
For example, if the view is not visible for a majority of the time, making it
GONE would probably be more efficient, because the system would not be needlessly measuring and laying out your invisible view whenever it needs to adjust other views on the screen.
On the other hand, if the view changes between visible and invisible frequently, you might get better performance from
INVISIBLE as you would potentially avoid an extra measure/layout on each transition.