Making display of hour optional for each event based on author's choice

We have implemented the Calendar module and in our configuration options we are trying to make it possible for the individual who is creating the content type Event (that displays in the Calendar view) to select if they want the hours to display for the event, or just the date.

We have added a boolean field titled Show Date and have a secondary custom date format created which displays the date only.

What we wish to to is find a way so that the user can select the Show Date field and that would trigger the date-only display in the calendar view. If the Show Date box is not checked, then the default will show the short date option, which includes hours.

This is similar to the All-Day option, which we have enabled - but the critical difference being that we do not want the term (all day) to automatically show up when an event is designated as all day.