Yes, but takes a little extra time and has some nice benefits.
Short answer: individual text tones only
Implementation: settings> sounds> text tone - under Alert Tones choose top entry - None. This also turns off the outgoing text message sent sound.
You may also want to temporarily turn off Vibrate on Ring
Go into Contacts and your equivalent of an Inner Circle group. (IOS 7 doesn't install Contacts by default. I couldn't find it on the App Store. Just still had it. You may have to use Phone>Contacts or FaceTime>Contacts or an app like ABContacts. Oddly Messages won't let you edit contacts.) For each contact entry you expect a text message from, edit it and you will be able to change the text tone sound to a custom choice (benefit: identify individual senders). Tap Done to close editing, and you'll see new entries in the contact for both the Text Tone and the default vibration. Change Text Tone back to the default sound and those entries will go away.
Benefit: choose a quiet sound, like Harp, for low priority texters so you'll only hear them if you're not busy or driving.