Easy method to show or hide 'handles and controls'?

[scottsquirespix]

Would be very useful to have to option to easily toggle handles and control visibility but it's not clear that fucntion is readily available.
Consider have a number of images that you want to user to move and resize.
Ideally woudl show no handles until the user clicks on one. This keeps the images clean and signifies when an image is selected and cna be moved or resized.